My story is very similar to the lady from Belflower. Kevin Butler told me about the same "program" where you refinance with the same company but he told me every 36 months which was about as often as I had done over the last 12 years.
I asked him if this was one of those negative amortization loans and ofcourse he said no. But I also asked him if my loan balance at the start of the loan was 300K and I made the payment that he descibed to me that at the end of the 36 months would my balance be the same and he told me yes. I asked him the follow up question of why would the bank have a loan program like this. He asked me how many times I had gone back to the same company for my many refi's over the years and I told him none.
He said that it would better for the bank to keep you as a recurring customer and get the interest from you for the life or your loans than for you to move on and them only get the money from you for three years. That made sense to me along with the many other lies that he told me.
I know now that I should not have trusted him but he contacted me from Lending Tree which at the time I also did not know that they sell your information to anyone willing to pay for it. Lending Tree leads you to think that the people that are contacting you are legitimate.
I have learned a great deal about how "they" people like Kevin Butler can take advantage of you. I have heard all the people talk about how smart they were because they went with the 30 fixed and "they just knew" that these were bad loans. I guess my crystal ball was broken when my loans were done.
I asked alot of questions about these loans from Kevin but he just flat out lied to me at every turn including the line about he has this same loan for his house. Maybe in retrospect I should have been more suspicious but because I was completely taken by someone who is licensed "allegedly" there should be some kind of oversight for this kind of thing.
I think even a fee maybe like $400 for an independent mortgage person to review your loan to fully go through it who is working for you. It should not be mandatory but for them to be available so you have a person on your side making sure things like this don't happen.
It would have been better if a guy would have stuck a gun in my head and taken my money on the street atleast there I only would loose the money I had in my pocket. This loan rips me off a minimum of $00 every month no to mention the hard pre-pay that locks me in to the tune of ove 28K so I can't even get out of this loan without loosing 28K.
Oh yeah, I have been working at the same job for over 19 years, living in the same house for over 9 years I make a boat load of money and my FICO score was well over 767. So I'm not somebody only making five dollars an hour buying a million dollar house and now wondering why I can't afford my house.
The biggest part of the rip off in my loan occurred at the interest rate spread. I qualified for rate of near 6% when I did my loan but Kevin Butler made my loan 8.9% but I never even noticed that he did that. And it wasn't unitl I got my first bill after I made my first payment that I really started to understand what he did to me.
... And the funny thing is that he is soo good with his con that when I brought this to his attention, he told that it was a mistake and for me to fax him a copy of my bill and that he would look into it and get it fixed. Well that little shell game went on for about 2 weeks then I finally relized that he was the evil son of a bitch that I now know him to be.
I have filed suit against him and they have defaulted so I thinking that he is probably in the Bahamas on the huge commissions that he made from me.
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