Anyone Refi with Chase?

[Kelemvor]

http://www.jsonline.com/story/index.aspx?id=723768

U.S. District Judge Lynn Adelman awarded the Andrewses rescission rights last year after they argued they thought they were taking out an adjustable rate mortgage with a 1.95% interest rate that would be frozen for five years. That rate was actually a teaser rate, good for only the first month of the mortgage.

After complaining they were told the minimum payment was guaranteed for up to five years, but the rate was adjusted after the first month.

Judge Adelman said Chevy Chase did not make the terms clear in its disclosure documents, noting that the bank repeated references to the 1.95% rate.

The bottom line to the Andrewses is they found themselves being charged a subprime interest rate that has exceeded 8%, said Demet, the Andrewses' attorney.

Interesting read if you read the whole thing...

 

[JeffreyLebowski]

really, what's new. Mortgage lenders are out to screw anyone and everyone they can. They know most people are not educated enough to make sense of the mumbo jumbo they write the contracts in and pray on people with deceptive terms and numbers. Saying you're locked in at 6.25%APR but the actual rate is 6.575%.

 

[Kelemvor]

Well, 1.x% is quite different than 8.x%...

It seems to all be about the Truth in Lending law.

 

[kranky]

The bank involved is Chevy Chase Bank, not Chase.

 

[Scarpozzi]

I'm in the process of locking in at 5.25%. Get the rates now, they're going up fast.

Edit: I don't do business with Chase or Chevy Chase.....neither are reputable companies.

 

[darkxshade]

I'm more of a Bill Murray Bank man myself.

 

[Demon-Xanth]

Originally posted by: darkxshade
I'm more of a Bill Murray Bank man myself.

I did business with them once. They started clowning around and robbed me. Since then I've moved from Midtown Manhatten with the sneaking suspicion that he's actually my neighbor under the name Skip Chipowski.

 

[isekii]

Chase are crooks.