To everyone out there; stay away from any dealings with Bank United FSB.
I had taken out loans before elsewhere and things were always pretty normal and no hidden surprises. This time however in late I went to a broker I had heard on the radio here in Chicago and had promised less red tape, and closing costs and they were the loan experts and dealt out advice on their weekend radio show on real-estate. So I went over to the office and inquired about getting a loan from them and gave the usual paystubs and agreed to an appraisal and credit check. The young guy whom was the loan officer said he had "Just the perfect loan for me in my situation"
Put it this way, less then a year later, the interest rate slid up. Up up. I called the servicer Central Mortgage, and they said they could not do anything about it, I would just have to pay out the extra money. I asked if I could get a different loan and they informed me that I would have to pay a $9000.00 penalty if I wanted to refinance it. I had never heard of all this in my life or in conversations with the broker. The new terminology I had never needed to know, I did now. I went along with this for some months feeling I was stuck until a freind suggested I have an attorney look over my papers and see what he could determine. I went to firm in Downtown Chicago not really expecting any good news. The attorney found several TILA laws broken in my transaction. And urged me to start rescission proceedings, which I agreed to since my loan was riddled with fraud. Bank United is so arrogant they will not even acknowlege that the loan is in rescission. It is incompetency at its worst. I could have signed up for a regular fixed rate loan in the first place but I was brilliantly pitched this kind as the current best type of loan. I have lived here 11 years and now because they wanted to skimm some fat cash out of me, they threaten to foreclose my home despite court actions. If they could have worked with me to refi the loan it would not have been a problem. I was not behind on any payments until I was ordered to stop making them by the rescission action which deems the loan null and void. I had an excellent credit score and they ruined it intentionally to hurt me.
Stay away from these banking thieves and use a reputable company if one can still be found. And if you think you have a predatory loan let an attorney that specializes in this field look over your documents to protect you. You may prevent forclosure by doing a little research and work. These thieves must be punished once and for all!!!
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