mikei@hammer.UUCP (Michael IsBell) (01/31/86)
Recently I've been hearing some fantastics stories about A.L. Williams giving home loans with no (as in zero) interest. Something to the effect that if you put up 10% cash up front they will give you the loan at 0% interest and amortized over 10 years. Since I'm not the sort of person who believes in free lunches, these claims have been heretofore dismissed. I'd like to solicit information from anyone who knows anything about this. Supposedly this mortgage program is currently going on in Arizona. -- Michael IsBell ..!tektronix!tekecs!mikei MS 61-215 Tektronix, Inc. Wilsonville Industrial Park P.O. Box 1000 Wilsonville, Oregon 97070 (503) 685-2990
bart@nsc-pdc.UUCP (Bart Weaver) (02/01/86)
> Recently I've been hearing some fantastics stories > about A.L. Williams giving home loans with no (as > in zero) interest. Something to the effect that if > you put up 10% cash up front they will give you > the loan at 0% interest and amortized over 10 years. > > Since I'm not the sort of person who believes in > free lunches, these claims have been heretofore > dismissed. I'd like to solicit information from > anyone who knows anything about this. Supposedly > this mortgage program is currently going on in > Arizona. > > -- > I don't know about A.L. Williams 0% interest scheme is but it might be along the same lines as (I think its) Utahs Home Mortgage coop. Its been 4 or 5 years. They claimed 2.25% interest rates but they required a large down payment and up to 6 month waiting period. I was very interested and (as required by them)* we both made an appointment with there "loan officer" (salesman). * If any company requires both you and your spouse to be present to learn about there program you know they: - Are going to pressure sell you something thats expensive. - Your only going to get this one chance to participate in there fantastic offer. You must sign up before you leave or you'll miss this golden opportunity. There sales pitch was fairly simple: - 25% down payment - Up to 6 months wait to get your loan - Kind of a strange mid-loan adjustment in payment amount and interest rate. (both basicly nominal). - We can do this because were a coop. - YOU would be a FOOL if you didn't take this fantastic offer. BUT when we carefully read what we were to sign we discovered the following: - The 25% down payment was not a down payment. It was up front costs to be paid when the loan is applied for. Can you say 25 points now not at closing!!! - Of course it is refundable if (for any reason) your loan is not approved in the next 6 months. Can you say keep my money for 6 months and then give it back without interest! OR Give us your money and if we don't go bankrupt you'll get it back. Then something dawned on me: If I sign up and ~three other do also then the guy before me will get a loan. Graphicly it would look like this: Let OS = Other Sucker! Guy before / | | \ Me (25%) OS #1 (25%) OS #2 (25%) OS #3 (25%) / / / \ \ \ os1 os2 os3 ... os14 os15 os16 It sure is interesting how pyramids can come in so many different packages. I don't know what ever happened to the coop. I burned tennis shoe rubber leaving there office and have never looked back. Bart@nsc-pdc
doug@terak.UUCP (Doug Pardee) (02/03/86)
> Supposedly this mortgage program is currently going on in Arizona.
I haven't heard of it here. But if I did, I sure would be suspicious.
If you hear of something from Arizona that sounds fraudulent, it almost
certainly *is* fraudulent. I don't know why, but we seem to get more
fraud operators here than you can imagine. And such a wide variety of
schemes! Not just your everyday bunko stuff. Right now the big story
on the news is the investigation of a number of luxury car dealers who
have not delivered the car ownership titles to their customers -- seems
that they can't, on account of they pocketed the money from the sales
instead of forwarding the sales tax and license fees to the state. And
for cars being sold on consignment, they didn't pay the seller, either.
--
Doug Pardee -- CalComp -- {hardy,savax,seismo,decvax,ihnp4}!terak!doug