Dan Dekleine, Morgan Funding Corp Deceptive, Equity Eating Mortgage Scam Jersey City New Jersey
Like Edward from Connecticut, we too have been taken by Dan Dekleine and Morgan Funding. He offered us a low interest loan as well, but in truth it was a Negative Amortization Loan, a term that was never used in our dealings with Mr Dekleine. (meaning the outstanding balance of your loan increases) Had we understood the risk involved in a NegAm loan we would never had agreed.
Also, I still get calls from the Mortgage filing company that was used (Grant Abstract in Brooklyn) claiming we owe them an additional $700 because this NEgAm loan was supposed to be taxed at a higher rate at closing. (According to the "Truth in Lending" statement we were already charged $1800 for this service).
Mr. Dekleine's deceptive business practices need to be exposed. I have been advised and have filed complaints with the Department of Banking, BBB, Consumer Federation of America, the Mortgage Bankers Association concerning these equity eating mortgages.
Corey
Brooklyn, New York
U.S.A.
2 Updates & Rebuttals
Christine
Brooklyn,New York,
U.S.A.
morgan funding ex-employee Neg-am loan
#3Author of original report
Mon, September 29, 2008
Please contact me if you know how I could get out of this loan. Any info would be greatly appreciated.
Kparson
Middletown,New Jersey,
U.S.A.
I can help get you out of this loan
#3UPDATE EX-employee responds
Tue, July 01, 2008
I worked for Morgan Funding for a very short while, after seeing the deceptive nature of their company I like many of my colleagues left. I am still in the mortgage business and i have refinanced many old Morgan funding clients into low fixed rate loans. Wachovia is now waiving all penalties involved with these pick a pay loans, so you may be able to get out of this situation. Please feel free to contact me so I can get you out of this terrible loan.
Thank you,
Kesley
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