Complaint Review: PRIMERICA / TRAVELERS Mortgage Ctr. - Hanover Maryland

They filed the following rebuttal to the above Rip-Off Report:

Their email: [email protected]
Their name: William Howell

Their relationship to the company: Owner

Rebuttal:
This guy couldn't have much in the way of brains, if he didn't like the interest rate,why did he agree to sign the papers?And maybe he never made any payments to get the balance that high $83,000. These complainers against Primerica are usually those who failed at the business! The Primerica rep always goes over the carryback FNA and gives the client ample opportunity to consumate the deal or cancel. There are NO arm-twisting deals!

Some people would b***h and complain if they were hung with a new rope.

They filed the following rebuttal to the above REBUTTAL: Their email: [email protected] Their name: C.D. Their relationship to the company: Owner Rebuttal: The FNA lies to get to the kitchen table, and that is sleazy enough! Then they gain so much trust in the client that the client believes that "rolling the closing costs into the loan" essentially makes them disappear. Yes, caveat emptor! The last thing PFS wants you to do!

They filed the following rebuttal to the above Rip-Off Report:

Their email: [email protected]
Their name: Ray

Their relationship to the company: Owner

Rebuttal:
I just sat here and had one of the best laughs ever after reading the post on here. First of all i'd like to know when you took out the original loan at 6.25%. Just doesn't wash. You see you said that you've had the loan with Primerica for 3 years. I'm taking it that you had the orginal loan before refinancing for at least 2 years ( probably more). I'd love to hear where you had your loan at 6.25%, you see there is no where you could
have gotten a loan at that rate back then. Also, I'de like to know, why on God's green eath did you refinance and go from a payment of somewhere around $500 a month to $878, your credit must really be bad for the new rate to go to 13.25%. One last thing, if you had been making ALL and i repeat ALL your payments,there is no way that your balance could go up. I
ran the numbers and your balance would be around $77,000 not $86,000. If your going to MAKE-UP stories in here at least make them some what believeable.

They filed the following rebuttal to the above REBUTTAL:

Their email: [email protected]
Their name: C.D.

Their relationship to the company: Owner

Rebuttal:
What a load of Primerica DRIVEL!

The loans at Primerica have been proven to be sub-prime garbage. They use the "simple interest" (a misnomer) to deceive the public into thinking they're getting some great deal.

Really the "simple interest" (interest is computed on an average daily balance instead of being fully scheduled) will only save the consumer about 100 bucks over the life of a $100,000 loan. Then, they throw in a bi-weekly payment schedule (paying 13 monthly payments a year instead of 12), which is a tool that consumers CAN DO BY THEMSELVES IF THEY WANT.

They claim some magical $100,000 savings over the life of the loan, when in reality, the consumer does not need to refinance to achieve this type of early payoff. All you are doing is paying NOW to avoid paying LATER, and Travelers via Primerica is charging you DEARLY in the form of extremely high closing costs, a ridiculously high monthly payment due to usurious interest rates, and followed up by enormous prepayment penalties
should the consumer wise up and want to go with a reputable lender.

And the point about a lawyer being present is absolute hogwash. PFS does not ensure a lawyer is present, and while the prepayment penalties are stated in a contract, they are in no way stated or implied on the good faith estimate provided by Travelers.

Primerica loans are a rip-off designed to pay up through the big pyramid at PFS.

They filed the following rebuttal to the above Rip-Off Report:

Their email: [email protected]
Their name: P. Zvonek

Their relationship to the company: Supporter

Rebuttal:

I have been wittness to 12 mortgage closings with Primerica in the last 18 months. When closing occurs a lawyer handles the closing paperwork and explains to the client, IN DETAIL, the exact term of the mortgage i.e. note rate, APR, "equity builder program options, etc. It appears to me you must have been day dreaming during closing. Secondly. If you are working, that would be making money, there is no reason why you would be
able to submit a new loan app to obtain better terms if what you are saying is correct. Anyone viewing this persons report titled "Primerica Nightmare ripoff" beware of him. The mortgages through Travelers are designed to free people of debt. I challenge any of you to find a mortgage company that can provide a better solution for debt elimination...how many mort. co.'s compute simple interest??? Do a little research before listening to false stories such as this persons.