Public Mediation

My Claim vs. Bi Weekly Mortgage (Bwma) Dispute

P. C. vs. Biweekly Mortgage Association (Bwma)
PO Box 904, Kingman, Arizona, 86402-0904, United States
Amount Involved: $1,606.32
    • Status: In Negotiation
      This claim has posted for public comment and negotiation. It will remain posted until resolved to the claimant's satisfaction. Suggest a resolution to help these parties reach a settlement.
       (seeking public comment)
    • Claimant Seeks: View.
    • Claim #: 7306915
    • Amount Involved: 1,606.32
    • Filed On: Aug 30, 2015
    • Posted On: Sep 10, 2015
    • Complaint(s):
      • Failure to honor promises
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Statement of Claim
Complaint Involved (1) - View
Claimant says:
"Last year we heard about bi-weekly mortgage which pays off your mortgage years early by using their system. In this system they debit our account two half mortgage payments each month and forward payments to our bank. This is supposed to pay off interest on our mortgage years early, according to BWMA.
After a couple months went by I called our bank to see how this was working and they told me that BWMA was only sending them one monthly payment. I immediately canceled our agreement with BWMA and they sent ma a demand letter for $803.16 which we paid as they threatened to take us to court if we didn't pay them.
In this plan they also debit two extra half mortgage payments each year (one every six months) and apply this to the mortgage balance.
BWMA was not truthful about sending in two half payments each month and we feel that they should return the $803.16 that they charged us for in the demand letter."
...
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Additional Communication Between Claimant and Biweekly Mortgage Association (Bwma) Hide
  • Sep 14, 2015, Biweekly Mortgage Association (BWMA) (responding party) added:

  • Attention: People's Claim

    The Biweekly Mortgage Association discloses in writing that the biweekly payments collected from our clients, in this case it was Paul Cory, are paid to the lender MONTHLY. Per Item 2-B in our biweekly application form which Paul Cory signed and received training on as a Sales Consultant reads: "(B.) Making the specified monthly payment to Client’s lender, subject to Biweekly Servicing Company and/or assigns having received good funds for each payment from Client. PAYMENTS TO CLIENT’S LENDER ARE MADE ONCE EACH MONTH by mail or electronic funds transfer."

    As Paul stated in his note to you, twice a year there is the amount equal to one biweekly payment sent to the lender as an extra principal reduction payment. This fact will accelerate the mortgage loan payoff in a very positive and powerful way and reduce the mortgage term by 5 to 7 years for most clients. We have done this for over 30 years and make no apologies for our plan as it works very well and saves our clients thousands of dollars in interest.

    Paul Cory tried to make our plan into something that is not acceptable to the terms of his mortgage. Our plan would have worked just fine for him as our software proves in the mortgage savings analysis he saw before enrollment. He also had the calculator software to use as a Sales Consultant.

    Paul paid BWMA what he owed for the enrollment fee and it is settled. This complaint is a false complaint and anything further on it should involve our attorney.

What Claimant Wants Hide
1. Compensation: Money that we paid for bad contract. Sep 14, 2015 $803.16
2. Refund: Money we paid for a bad contract. Sep 14, 2015 $803.16
Cash total : $1,606.32
  • 0
Do you agree with the claimant’s demands?  (If you are a party to this claim, click here.)

Respondent's Counteroffer

There has been no response to this claim from Biweekly Mortgage Association (BWMA). This claim will remain posted until resolved
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