Has anyone heard of American Platinum Financial Services?

Has anyone heard of American Platinum Financial Services?

• They are out of Scottsdale, Az and sent me a letter about restructuring my home loan. I don't really understand the process.

• Answer:

  Carlos: I did some checking on them. They charge $900.00 up front to call your mortgage company to negotiate your prior loan. They attempt to get the interest rate cut in half so your payments are anywhere from $400 to $600 less each month. Also, once they re-negotiate the loan into a lower rate, they ask for one month's mortgage payment too. Actually, this is the third company that has called me about doing this because now I am upside down in my mortgage and cannot refinance. This company has been the cheapest. They have no complaints against them with the Better Business Bureau. They have been in business for three years and have a B+ rating with the BBB. They reason they have the B+ rating is because of the short time they have been in business. Home rates in Indiana have gone down 20% so it makes sense to restructure your mortgage. What I don't know is if that 30 year loan term is now a longer term mortgage. I am going to call them this morning and find out. I will let you know. Margaret K.