Block · one region of the page, as the scanner read it. It may hold a whole story, part of one, several, or an advertisement; stitching blocks into articles is the next step. Text is supplied OCR.
Page 8 · column 1 of 6 · from the scan, no model involved
Bank
Continued from page A-1 .
Tim Tarr, president of Warrenton Farm Credit ACA, the bank’s local affiliate, said borrowers were notified of the problem and given several options. They could leave the payments as they were, stretching the loan over a longer period; they could continue the same payments and pay one large “balloon” payment to finish the loan on the original date; they could restructure the loan to pay it off on the original date, meaning that the payments would increase over the balance of the life of the note, or they could pay off the note in one lump sum at any time before the maturity date.
Both Tarr and White stressed that the bank had not overcharged the borrowers for either interest or principal. The only mistake, they said, was that too little principal was deducted in each payment, resulting in the loan being stretched over a longer period and the borrower, consequently, paying additional interest during that period.
However, two Warrenton-area borrowers remain unsatisfied with that arrangement. Roger Cordani of Amissville and Wilbur Embrey of The Plains said they contacted the bank after receiving a letter about the lengthened life of their mortgages.
Embrey, whose mortgage was due to be paid off this month, said the recalculation means an additional five payments of approximately $321, including a total of $265 in interest. In February the bank offered to recalculate the loan so that the loan would pay out at the original
88.7%