I explained up front I wanted to re-finance my existing mobile home mortgage so as to get away from a simple interest loan.
A simple interest loan is designed to allow the lender to collect most of the interest first, before the principle. They help themselves accomplish this by floating your payments. So if you are prompt about sending your payments they still work the program against you. Why would a loan need a balloon payment as the last payment if the payments were applied as should be? A simple interest loan is re-calculated everyday.
The only reason these scam artists are allowed to continue is because if they were stopped then it would be next to impossible for people to sell mobile homes. Out-dated laws discriminate against people who purchase mobile homes. Therefore conventional loans are hard to get.
People play right into their hands by being careless about making payments promptly.
I was lied to by Donna, the office manager, at Inparklending. She understood why I wanted to move away from a simple interest loan and have a conventional, fixed rate loan. She said this is what she could do for me. Again, she lied.
Later, when I finally received a statement that for the first time told me what type loan it really is, I called her and she wished me luck at getting it changed.
Attempted to call someone at Chase Manhattan to explain this is not what I was promised, but being able to talk to anyone that may say something intelligent is next to impossible.
Common sense will tell you I never would have agreed to spending any money just to end up exactly where I already was.
Donna tried to tell me she didn't know the difference between a simple interest loan and a conventional loan. Another lie.
I am bringing light to this situation to inform others that they should be more carefull, and always try to accomplish conventional loans.
I am taking this to the Attorney Generals office and I am submitting a claim in civil court to try to get back the almost $4000 I was scammed out of.
I believe we should fight the "system" each time it screws us over. People like Donna, who make lieing an everyday habit, only are comfortable doing so because they know they can get away with it.
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