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15 Year Mortgage Refinancing?
Mortgage Watchdog Pro can save you money!
Mortgage refinancing is a particularly dangerous time for mortgage errors. Periods of major change like mortgage refinancing are often when banks and other lenders make major errors.
Mortgage Watchdog Pro will help you find errors in your statements when you are mortgage refinancing.
Before you consider mortgage refinancing, it may pay to check your old statements. A recent survey of over 200 bank statements from 18 different lenders found that over 54% of loan statements contain errors. Not too surprisingly the vast majority of these errors favour the lenders. Hundreds of thousands of people are potentially affected by the problem and are actually owed money from their lender.
A major Australian bank was recently cited for errors of this nature. It was calculated that at the date of judgement, they had made interest overcharges to a number of bank customers to the tune of $2,646,326.06 - yes, you read it correctly - in excess of 2.6 million dollars!!
It was found that these overcharges arose principally as a result of the Bank's use of an illegal formula to calculate accrued interest, and on systematic computer errors. With reference to the Bank's management of its computers systems, the Commercial Tribunal of NSW made the following observations:
"The range of errors attributable to deficiencies in the Bank's computer systems in these proceedings attest to a most serious failure by the Bank to properly program the systems and/or adequately check their functions once programmed".
More information on how to save money when 15 year mortgage refinancing.
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"The request was
prompted by reports that the Federal Deposit Insurance
Corporation would refund several million dollars to borrowers
overcharged on loans at savings institutions." NY
Times 