Do not do business with natinos choice. I wish I had read the other negative reviews first before applying for a loan with this company. Doing business with Nations Choice could cause you much regret. They conveniently failed to notify us that the loan for which we applied had a negative amortization feature... This loan would have cost us a great deal of unexpected interest costs if we had not carefully read the final loan documents.
Luckily we caught on to their game before signing and saved ourselves tens of thousands of dollars in unexpected interest. We did lose the $350 for the appraisal—the appraisal was also faulty—because Nations Choice is an unethical company that does not do business in an honorable and responsible way.
We thought we were applying for a typical ARM with rate and payment fixed for five years. We were never told, and never saw any documentation, that this loan was a negative amortization loan, or that it had deferred interest.
They were sneaky in only indicating the true nature of the loan by saying it was "fixed payment" instead of "fixed fee." Well, on a typical five-year ARM the payment is fixed for five years because the rate is fixed for five years.initially, this deceptive language did not alert us to what this loan really was. Luckily, due to government regulations, they could not completely disguise that this was a neg. Am. Loan, so we finally became aware of what they were up to.
If we were more experienced borrowers, or professionals in the mortgage field, we probably would have caught on to this rip off sooner. But should you really need a professional's knowledge to be certain that you are being treated honestly and fairly?
Companies like Nations Choice should be shut down as their practices are harmful to the environment of trust needed for a strong and viable mortgage lending system. Besides warning others on the Internet of Nations Choice, we are reporting them to all appropriate regulatory agencies and are considering other legal remedies. Unethical companies like this should not be allowed to remain in business.
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