Nations Choice - Asmartloan Or Fisher Financial Dangerous company to do business with, they misrepresented the terms of the loan we applied for Gilbert Arizona
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.
Dan
Redondo Beach, California
U.S.A.
5 Updates & Rebuttals
Dan
Redondo Beach,California,
U.S.A.
Resolved
#6Author of original report
Sun, October 03, 2004
This issue with Nation's Choice has been resolved in a satisfactory manner. In fact, it was a very good outcome. Nation's Choice, as a result of the problem we experienced, has revised their disclosure practices for negative amortization loans. They also apologized for the situation we experienced and refunded our money. I have to say that once Chad Fisher, the owner of the company got involved, he took the appropriate steps to ensure a proper resolution.
James
Phoenix,Arizona,
U.S.A.
Pleased with my service..
#6Consumer Comment
Sun, September 19, 2004
It never ceases to amaze me.
The ignorance spilled needlessly forth in an obvious and blatantly childish attempt to deface a reputable institution for no less than I DIDN'T GET MY WAY!
I have used Nations Choice Mortgage company thrice now in various transactions over the past two years.
Though I would have preferred a lower rate, market conditions at the time of my re-finance did not reflect best case. I have come to terms with that fact, and moved on.
I can sympathize with Dan as there are many companies in which I would personally wish to dispose of permanently. However, This would be a company to be commended in my experience.
I have spent countless headache ridden hours researching rates attempting to familiarize myself with mortgage options to the point of insanity at times.
I must apologize once again for my rude reaction to the representative of Nations Choice when I first received her call. :) ....
I did indeed end up with the results promised from the start. Closing cost's fee'setc.
My only complaint is the time taken on one of my loans. However, understanding the complexity involved in this case slightly defuses my impatience. (Reiterate SLIGHTLY)
I would, and will, use this company again in the future, and would recommend them to others.
This response is from a satisfied customer of Nations Choice Mortgage.
Peter
Tucson,Arizona,
U.S.A.
????Get a Clue????
#6Consumer Comment
Wed, September 15, 2004
I used to be in the mortgage industry and I am amazed that some people have the nerve to complain for thier own mistake. I have a very good feeling everything was disclosed to you and since you hurried through and signed all paperwork not READING what you signed you feel ripped off!! Guess What you're wrong!!!
Bobby
South Pittsburg,Tennessee,
U.S.A.
glad you caught them, others are not so lucky
#6Consumer Comment
Wed, September 15, 2004
im glad you caught them before it was to late, most people dont, lenders like this use people for personal gain, they destroy lives, and with no reguard for anyone, these predators fill their pockets with the hard work from the true working class, chalk one up for the consumer.
Chad Fisher
Gilbert,Arizona,
U.S.A.
I would be happy to fax the initial signed disclosure....
#6REBUTTAL Owner of company
Tue, September 14, 2004
that this client signed stating that the loan rate was subject to change after "1 month". And since the payment was fixed and the rate was subject to change to the index plus margin it is concluded that this is a negative am loan. This assumes the client elects to pay the minimum payment and that that payment does not cover the interest due. A wonderful loan for many and a great option to look at. Stability in payment and the ability to pay down your mortgage fast when you pay above the fully indexed rate.
Remember to keep in mind there are 2 sides to every story. While we agree with this client that he should not need a professional to review his documents we did disclose the potential of the loan to increase. In 10 years I can personally guarantee I have never received another complaint related to nondisclosure on this program. And a very popular program at that.
Our only regret is that the disclosures acceptable to every other client were not acceptable to this one. Every client counts.
Therefore we willing have offered this client a refund of his appraisal fee as compensation for his misunderstanding on the program.
Also keep in mind we have many more letters of recommendation on this company than we do complaints. Complaints that are 2 sided and that we strive to never be involved in.
Please call we personally for superior service and competitive pricing or quality references. I would also suggest you check our superior rating on the BBB of Arizona where we subscribe as they are the professional entity that regulates valid complaints and holds companies accountable for any actual wrongdoing.
Respectfully,