Bait and Switch ripoff Beware!
World Savings contacted me about refinancing my home. They offered me a rate of 2.9%, so I decided to look into in. I specifically told the loan officer that I did not want a adjustable rate mortgage. She told me that she could still get me a great rate.
When I got the paperwork the loan rate was not 2.9% as promised and I called the loan officer back and asked her what this yearly rate meant. She said that the 2.9% was a monthly rate and don't worry I was getting a great loan.
I also didn't understand the paperwork which stated that the loan rate was not going to stay fixed for 5 years as promised. Again she told me don't worry, the rate is going to stay fixed for 5 years and although she couldn't really explain how everything worked she told me not to worry I was getting a great loan. I asked her if this was a loan that she would get for herself and she said yes.
I was also told to hurry up and sign the paperwork so that we could lock in the interest rate and otherwise the interest rate would increase. I felt like I was under a great deal of pressure to hurry and fax the paperwork back to World Savings.
When the loan was closing the loan officer called me and said that she was being sexually harrassed at work and she was having a hard time coming in to work because she was under a great deal of duress.
The loan officer called me later (after the loan was finished) and said that she had quit her job at world savings and she was low on money because she did not get her commission for her final loans and she would have to move in with her parents.
The loan officer asked if she could borrow money from me. She said that she could sign a contract and everything so that I would be sure that I would get the money back.
I told her that I don't know I would have to look at my bills first and I would call her back. I never heard from her again.
I just got my first payment notice in the mail and I paid it early because I wanted to be in good standing with World Savings. The payment was more than I expected, I was told that the payment would only be around $900.00 but the payment was over $1100.00!
Today I got a call from World Savings and they were telling me more about my adjustable rate mortgage and that they didn't know what my payment would be next month because they didn't know what the interest rate would be.
I said what do you mean? My payments are fixed for 5 years and they said that no it is an adjustable rate mortgage. I then asked for a manager and told him that I will seek legal action. He said that since I signed the paperwork I had no recourse.
I had signed the paperwork in good faith without understanding it because I was promised something that World Savings did not deliver and I was being pressured to hurry so they could lock in the loan rate.
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