MORTGAGE INVESTORS CORP Complaint - SCAM OR NOT FOR VETS ONLY
FLORIDA -- I recently encountered a scam that mortgage investors corp offer refinance VA members only for VA members period, which they say they do thousands of these refinances, they say they have saved thousands of homes for vets, unfortunately this is a scam, and I hope vets like me have not went threw with this, lets say for instance, my mortgage is 199,000 they offer a adjustable rate mortgage 3/1 arm for 30 years, they tack on another 12,000 to your principal balance. you pay a 3.5% P/I for 38 months good deal right, no its not. yes its true you'll save 22,000 in two and half years, then they jack up you interest rate, this mortgage corp. is taking advantage of one of biggest scams ever and there saying the us gov. is the host. of it all. how am I saving money and paying down my house balance. After 2 1/2 years if I'm right back to where I started. I would warn vets of this not to do it, my evidence lies in there scam the paper work they offer the vets. 22,000 dollars subtract 12,000. dollars it leaves you 10,000 after 38 months subtract that from your P/i 112,000 it leaves you 102,000 dollars after 2 1/2 years then they raise your interest rate up, Lets say I stay where I'm at 5.5% VA 30 yr fixed. yes I''ll pay 30 thousand in interest in 2 1/2 years but my balance will be at 191,000 not 102,000. please tell me the gov doesn't have anything to with this scam.