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ARM Audit
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You Will Receive a FREE VACATION CERTIFICATE Good For Up
to 3 Days and 2 Nights or $400 in “FREE” Hotel Accomodations For Two at Your Choice of 25 Fantastic Resort Locations to Audit Your Mortgage & See if You're Owed Money.
Is Your Property Financed By an Adjustable Rate Mortgage? There’s a Strong Possibility That You are OWED MONEY! National Experts Estimate Over 50% of All (ARMs) ContainOvercharges.
In Recent Years Lending Institutions Have Had a History of Incorrectly Calculating
Interest Rates on (ARMs).
"Even small miscalculations can cost a consumer plenty. For instance, most adjustable mortgages require lenders to round the new interest rate to the nearest one-eighth of a percentage point. Many Mistakes occur when lenders round off to the next highest one-eighth instead".
"How Much a consumer can recover depends on the size of the loan, the magnitude of the mistake, and how long it went undetected. Adjustments ranging from $500.00 to $1,500 aren't unusual.
-June Fletcher*
The Wall Street Journal
Right Now; this very moment the odds are you are owed $2,000 from the lender you have your mortgage with. Don't Believe Me?, A Little Skeptical?
It's a Fact... If you have an adjustable rate mortgage, the odds are you are owed money from your lenders. BUT WAIT!, Aren't banks supposed to be good at math?... That's a Valid Question But...
Let's see what more national media experts have to say..
"It's true! Federal Regulators from the FSLIC (Federal Savings & Loan Insurance Corporation) have discovered that consumers are overpaying on their adjustable rate mortgages by more than $8 Billion as a result of interest rate miscalculations. Between 50% - 60% of all adjustable rate mortgages contain some sort of error in the way interest is charged
The National Public Accountant
"People tend to just trust the bank..." "They're often dealing with big-name companies, and they just assume those companies are going to be right."
"However, with an adjustable mortgage, that could be an expensive mistake. Industry experts variously estimate that anywhere between a tenth and a half of all adjustable loans contain errors. These errors, which typically crop up after the loan's interest rate has been adjusted a few times, are disproportionately like to be in the bank's favor...
-Kathy M Kristof*
Los Angeles Times
The Facts Are These..
It is very common for banks and other lending institutions to sell their (ARM) loans to Other banks for a quick profit. Actually, (ARM) loans can be sold several times in the secondary banking market!
IMPORTANT:
Overcharges are especially prevalent on mortgages
and loans that are sold from one bank to another bank!
And here's why...
It is estimated that there are over 1,000 different types of (ARM) loans! All (ARM) loans have their own unique adjustable interest rate computation and programming format. Every time this sensitive data is tarnsferred from the original bank's computer, to the bank's computer difficult programming adjustments, changes and modifications have to be made.
Typically these program changes and modifications are made by programmers and clerks who are paid on an hourly basis. Historically this high turnover group may not have the neccessary training to accomplish this programming nightmare correctly. And to further complicate matters, these same changes and modifications usually need to be done in a hurry!
"Depending on which study you believe, and which lender you use, there's a 20 percent to 80 percent chance you'rs paying the wrong amount each month.
"Over the last couple of years, a lot of publicity has been given to the high rate of error in adjusting monthly ARM payments. Still many lenders have not bothered to fix the problem. Last year Consumer Loan Advocates Checked the payment history of 9,000 ARMs loans found mistakes in almost half of them. of those 77 percent overcharged consumers, by a total of $1,588 on average".
-Jane Bryant Quinn* -Kansa City Star
"Between 50 and 60 percent of an adjustable rate mortgage contains some sort of error in the way interest is charged, our studies show."
-Real Estate Weekly
Let's face it; all these Magazines, Newspapers, Talk Shows & even The Evening News Can't Be Wrong. Not only can rate calculations be tricky, but also mortgages are written in "legalese". Unless an attorney is present, a mortgage could be incorrectly interpreted. Even if a mortgage is correctly interpreted the programmer may not have the neccessary math skills to compute and program the calculations correctly.
But this is only the "tip of the iceberg" where overcharges occur. The potential for overcharges does not end there. Even if the loan is initially programmed correctly, the majority of overcharges can occur during the life of the loan... Here are some of the areas we investigate....
* Verify that the rate is not above the "ceiling" (CAP).
* Verify the interest rate margin.
* Verify that the interest rate is rounded off correctly.
* Verify the amount of any compounded late penalties.
* Verfy the date new rates are put into effect.
Because of the power of compound interest rates, even the slightest error can quickly add up to hundreds or even thousands of dollars in overcharges! let's look at an example of how one small overcharge quickly adds up...
Let's assume you had a 1% interest rate overcharge on a $108,000 (national average) 30 years, 7% interest mortgage. After only 4 years, the overcharge amount would be $2,022!
What institute do you have a mortgage with? Do you have a copy of your mortgage and monthly payments?
The Bottom Line is this; IT CAN HAPPEN TO YOU! Think of what you can do with that money.
We Understand your skeptism; But how much money do people lose at casinos and playing the lottery? Are you going to let the price of a stamp stop you from receiving on average a $1,500 refund? and that's being extremely conservative; Let alone the free vacation certificate worth up to $400.00.
We're so confident you're owed money we do audits strictly on a contingency basis...
"In Other Words"; if we find Nothing, You Owe Nothing. We assume all costs and expenses.
On Behalf of Everyone at AFI, We Look Forward to Recovering Every Penny Rightfully Owed to You.
"If You Conform to Conventional Wisdom, The Collective Conscience
& Social Conditioning, "You’ll Have to Be Content With Mediocre Results."
THERE IS NO OTHER VARIABLE!
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