• Report: #138852

Complaint Review: Champion Mortgage

  • Submitted: Thu, April 14, 2005
  • Updated: Sat, April 22, 2006

  • Reported By:Virginia Beach Virginia
Champion Mortgage
Two Gatehall Dr. Parsippany, New Jersey U.S.A.

Champion Mortgage ripoff Misleading and dishonest business practice in refinancing Refinancer BEWARE! Parsippany New Jersey

*Consumer Comment: hire an attorney immediately

*Consumer Comment: Just talked to Champion

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Refinancer BEWARE! We decided to jump on the refinance bandwagon, we chose Champion Mortgage due to an existing relationship from a second mortgage as well as one smooth talking salesperson, Brian Evanchik. Shame on us!

After several phone conversations determining that they could do all the things we required, such as bi-weekly payments and establishing a savings account for escrow, we took the plunge. While they were courting us they were very attentive, quickly returning calls, answering all our questions and making us feel confident. They understood that this was very important decision, we wanted to do it right. Brian even called during our closing to make sure things were going well.

We questioned him again at this point about the escrow savings account and the bi-weekly payment schedule since we did not see mention of it in the closing papers. He assured us he would send the information via overnight delivery. We called him 2 days later and explained we did not receive the package, and he assured us he would mail it again, a few days later we made the same call with the same response.

Meanwhile our "3 day right to cancel" period expired. We received the checks to pay off a few debts and do some home improvements in the mail but had still not received the other promised paperwork for the escrow and bi-weekly payment. We finally received a piece of paper about automatic payment, we called the number of the paperwork and discovered they DO NOT offer bi-weekly payments and DO NOT estabish an account for the escrow (which we were told was included in the total payment).

We have since placed 3 phone calls to Brian, spaced about one week apart and none of the calls have been returned. We have also placed several phone calls to Brian's boss, Jeff, and he has not returned any of our calls. Other people in the office profess "customers are important" we have a "customer for life philosophy" whenevre we reach a live person by phone.

Well that is B.S. The least we are owed is a phone call stating that they misrepresented the company or were dishonest, just telling us what we wanted to hear. It's probably too late now for that. We are in the process of researching a new mortgage company and refinance our home with them, even though we will have to pay closing costs again.

This has turned out to be a costly mistake. So, do your homework and get everything in writing first!!!

Virginia Beach, Virginia

This report was posted on Ripoff Report on 04/14/2005 04:13 PM and is a permanent record located here: http://www.ripoffreport.com/r/Champion-Mortgage/Parsippany-New-Jersey-07054/Champion-Mortgage-ripoff-Misleading-and-dishonest-business-practice-in-refinancing-Refinan-138852. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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#1 Consumer Comment

hire an attorney immediately

AUTHOR: Tom - (U.S.A.)

my name is tom. I am a licenced mortgage broker and part time consumer advocate.

i want you to know that some of us brokers are genuine people and would never pull this STUNT on anyone.

Go hire a lawyer. I know, you feel it would be a waste of time. ....

But think again. Loan officers have a HORRIBLE reputation in the business world. As you can tell from this rippoff report, people get screwed every day. Judges and lawmakers are themselves not new to these complaints.

If the FTC or HUD even have the slightest hint that a loan officer lied to you, they will ALWAYS side with the consumer. NOT the loan officer.

When dealing with these agencies, the loan officer has to prove their innocence, rather than you prove their guilt. Your case sounds like a classic bait and switch to me and if you complain the loan officer may very well be fired and sanctioned.

The old 'well you have nothing in writing' routine does not work with the FTC and HUD. It may save them from crimminal fraud charges, but not sanctions from governing agencies.

in fact if you put a complaint in with the lender as well, i am certain something will be done to rectify your escrow account.
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#2 Consumer Comment

Just talked to Champion

AUTHOR: Matt - (U.S.A.)

I just talked to a Champion rep and he also said that in a years time of on time payments that I would get "free" refinanceing. As for hearing what I wanted to hear. He explained that I would get "free" refinanceing because the company wanted to keep me with them instead of going to someone else. Thats not hearing what I wanted to hear. Thats being told there would be no fees to refinance
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