Hidden Refunds Found in Adjustable Rate Mortgages!
Buried deep inside adjustable rate mortgage statements are thousands of dollars of hidden refunds!
You would think banks, of all places, would employ experts at arithmetic, right? Well, the fact is banks routinely make outrageous mistakes in calculating adjustable rate loans. And the cost to consumers is millions of dollars per year in overpayments! It's the dirty little secret bankers' don't want you to know.
The problem was exposed by former federal bank examiner John Geddes, who estimated loan overcharges totalling 65 Billion dollars. The U.S. General Accounting Office responded by issuing a report addressing Geddes' findings. Though they did not officially support Geddes' estimates entirely, they did determine there was sufficient cause for tougher guidelines for lending institutions.
Despite the fact that banks and thrifts use computerized record-keeping systems, erroneous data is frequently entered into variable rate loan accounts. Computers may be infallible to a certain degree, but, people are NOT. Monthly payments on variable rate loans are based on payment dates, special interest calculations and other factors, and lenders often compute at least one of those factors incorrectly. Moreover, because monthly payments are based on the loan balance, overcharges are compounded year after year as long as errors remain undetected.
many consumers refinance their loan without realizing they are due a refund. Overpayments have been as much as $30,000 for mortgage loans, and $200,000 for variable rate commercial loans. As you can see, this is no small change!
For awhile, borrowers complained on their own with little success. But, specialized loan auditors began detecting patterns of abuse which set off dozens of lawsuits, including one for $100,000,000 settled on behalf of consumers in 12 states.
Today it may not be necessary to file a lawsuit to collect what's owed to you. By law, lenders are required to refund any overpayments if errors are found. Even if you have paid off your mortgage, you may still collect a refund. But don't count on your lender to find the errors for you. And because of the complexity of such loans, consumers don't have the expertise to perform an adequate audit themselves. Even accountants have overlooked errors on variable rate loans.
Loan Auditors generally charge a percent- age of the amount recovered, so there's no risk to you. For more details, call Audit Resources at 208-693-4648, or e-maill: getrefunds@hotmail.com.
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