world savings fraudulent billing, dishonest, doesn't give a hoot about customers Oakland California
I had a bi-weekly loan with World Savings. When I refinanced this loan, World incorrectly had a monthly payment on my new loan.
I brought this to their attention and I had a bi-weekly loan with World Savings.
When I refinanced this loan, World incorrectly had a monthly payment on my new loan.
I brought this to their attention andthey said go ahead and close the loan as it is and we will correct the loan to a bi-weekly, no charge, no problem.
World tried to charge me $250.00 which they eventually dropped after much time and effort on my part to show them they were wrong to try to charge me this fee.
World made a withdrawl of one monthly payment from my bank account without authorization from me.
World withheld my payments in a "holding account" while they tried to figure out how to install my bi-weekly payments.
While withholding my payments, World added additional interest (which I had already paid) to my account, then based my bi-weekly payments on this amount which is higher than my original loan amount.
World arbitrarilly changed the date when I can lock in a fixed rate from the date the loan started to the date World started my bi-weekly payments.
World has treated my in a rude and unprofessional manner. World continues to ignore my concerns.
From the beginning I stated clearly that I wanted to make bi-weekly payments and World did not act honorably when they made a mistake.
I would like World to give me all the terms and conditions that I would have had if World had started my loan as promised as a bi-weekly loan starting July 23rd 2001.
I would also like a written apology and acknowlegement of their wrong doing and financial compensation for the huge amount of time and energy I have put into not letting World bully individuals like me.
lois
Miami, Florida
1 Updates & Rebuttals
File a complaint with HUD
Florida,Florida,
U.S.A.
Florida Commission on Human Relations
#2Consumer Suggestion
Thu, December 26, 2002
Please file a report with HUD and the Department of Human Relations, Talahassee, Florida.
I have a similar problem with World Savings, and they are in violation of Truth in Lending laws. They use bait and switch tactics, they don't disclose loan terms and they use that bi-weekly mortgage program to hide their negative amoritization mortgages. A negative amoritization loan costs the consumer in many ways. Instead of paying down your mortgage, you are actually not even paying off the interest due each month. That means your mortgage amount increases over time, not decreases. The bank milks you for interest and sets up a program so you are never out of debt. It's total bullshit, and they don't disclose it. It's fraud. I see many reports from Florida about this bank, maybe they are particularily sleazy in this state due to some regulatory loophole.
I have filed a complaint with HUD about World Savings mortgage practices. The more complaints HUD receives, the more likely your problem will be addressed. There is also the possibility of the Department of Justice pursuing the matter if there are a number of similar complaints about this World Savings practices.
They are a 65 BILLION dollar bank based in Oakland, California. Don't be a victim. They are amassing those billions off the backs of low to moderate mortgage holders, and their negative amoritization products rob us of our American Dream to be homeowners.