• Report: #320532

Complaint Review: Dan Dekleine, Morgan Funding Corp

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  • Submitted: Mon, March 24, 2008
  • Updated: Sun, September 28, 2008

  • Reported By:Brooklyn New York
Dan Dekleine, Morgan Funding Corp
26 Journal Square Jersey City, New Jersey U.S.A.

Dan Dekleine, Morgan Funding Corp Deceptive, Equity Eating Mortgage Scam Jersey City New Jersey

*Author of original report: morgan funding ex-employee Neg-am loan

*UPDATE EX-employee responds: I can help get you out of this loan

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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.

This report was posted on Ripoff Report on 03/24/2008 09:21 AM and is a permanent record located here: http://www.ripoffreport.com/r/Dan-Dekleine-Morgan-Funding-Corp/Jersey-City-New-Jersey-07306/Dan-Dekleine-Morgan-Funding-Corp-Deceptive-Equity-Eating-Mortgage-Scam-Jersey-City-New-320532. 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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REBUTTALS & REPLIES:
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#1 Author of original report

morgan funding ex-employee Neg-am loan

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

Please contact me if you know how I could get out of this loan. Any info would be greatly appreciated.
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#2 UPDATE EX-employee responds

I can help get you out of this loan

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

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
(((ROR redacted)))
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