Victim Location 95404
Type of a scam Other
Ditech services one of my home loans. They continually send me mailers, pledging to lower my payments (for example "Lower your mortgage payment by up to $1039.27).
These mailers are very misleading, for example, on this particular mailer, they have a prominent note on the paper that says:
"Your Estimated Total Payment Reduction": Monthly: $1039.27, 1 Year: $12,471.24, 5 Years, $62,356.20
This claim is simply not true – my "total" payments will NOT be reduced by this offer. My current loan rate is 3% and they are offering 4.206% and they are offering that I change my 8-year loan to a 30-year loan. As we saw in the housing crisis, many people do not understand that going to a higher interest rate and drastically lengthening the loan term will cost them tens of thousands of dollars. I hope that someone can do something to stop this misleading advertising!