• Report: #250791

Complaint Review: Crown Mortgage Corporation

  • Submitted: Mon, May 28, 2007
  • Updated: Mon, May 28, 2007

  • Reported By:HOPEVALLEY Rhode Island
Crown Mortgage Corporation
1615 Pontiac Ave. Cranston, Rhode Island U.S.A.


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About a year and one half ago, I was approached by a gentleman named Doug Pion saying that they could reduce my credit cards and give me a one percent mortgage rate for three years, never explaining that it was a negative amoritization loan, where your mortgage went up instead of down. A few months later , I saw the mortgage going up and called the company who told me that this man was no longer with them.

Needless to say they were rude and offered me a loan that changed within the next half hour. I had to use all of my savings of $35, 000.00 to get out of this terrible loan into an interest only loan, where my mortgage never goes down. I had been in a 4.75interest rate before that and because of their deceptive practices I beleived they were trying to help. I contacted the Department of Banking and they said they could do nothing to help me because these people had perjured themselves to them telling them that they had explained this loan to me which was not true. They even superimposed a piece of paper on their document to the Department of Banking which of course I had never seen. It's been an impossible situation because I cannot get a proper fixed rate mortgage because it took all of my savings to get out of their fradulent 1 percent loan. Thanks very much for letting me write. I hope that no one falls for this loan again.

HOPEVALLEY, Rhode Island

This report was posted on Ripoff Report on 05/28/2007 08:55 AM and is a permanent record located here: http://www.ripoffreport.com/r/Crown-Mortgage-Corporation/Cranston-Rhode-Island-02923/CROWN-MORTGAGE-CORPORATION-PREDATORY-LENDING-PRACTICES-Cranston-Rhode-Island-250791. 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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