Associates Housing Finance a Sub Prime Lender to Stay Away From
Oct 19 '00
Interested in purchasing a home through a sub-prime lender? Make sure you do your research first. I failed to check out my financial resources and accepted financing on my double wide mobile home through Associates Housing Finance out of Tennessee. This mistake has cost me dearly.
I've used sub-prime lenders before and never had a problem. This time I signed on the dotted line for a loan that allowed interest to be computed in a rather unusual way. It works this way: no matter when I pay the loan during the month the interest on the next payment is computed from when I made the last payment. It doesn't make any difference if I made the payment early the interest is always computed from payment to payment.
I found out the hard way that if I waited until the due date the entire payment would be taken up in interest.
Another problem I ran into was my check not be credited to my account for a week or two after I mailed it in and the company would charge me interest as though they never received the payment. I finally had to start sending my payment via certified mail to get it posted properly. I found that even then the payment wouldn't get credited until the next day.
I am now testing out USPS e PayBill to see if that will take care of the problem. As for the readers, my suggestion is stay away from Associates Housing Finance.
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Epinions.com ID:
NurseMan
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Member: Jerry Johnson
Reviews written: 5
Trusted by: 5 members
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