ED Magedson – Founder
Paramount Equity2200 Douglas Blvd #150 Roseville, California United States of America
Our family, and countless other Washington State families, suffered great financial deception by obtaining a mortgage through Paramount Equity. The violations they committed against us are confirmed through investigation by a state agency and attorneys.
Because of their intentional deception and fraudulent business practices with regard to our mortgage origination, they inflicted great financial loss and hardship upon us and upon our originating lender. Fees were distorted and hidden on our closing documents, required disclosures were either manipulated, misrepresented or not given at all.
We have given them ample opportunity to rectify the wrongs they have committed against us, and have extended every opportunity to negotiate a more than fair resolution. The best that they could do was to offer to refund us $1,000 for the overcharge of their broker fee, when an audit of the loan documents, and reconciliation with the disbursement statement clearly illustrates the gravity and scope of their deception. It was huge.
Paramount Equity's fraud and deception in our mortgage origination gave us cause to rescind it, the cost of which will likely be borne by the originating lender. This will include not only all interest, fees and costs we have paid over three years, but attorneys' fees, violation damages and more. All because of Paramount Equity's deceptive practices.
Paramount Equity customers would be well served to have their loan documents scrutinized by a knowledgeable person. Most importantly, obtain the disbursement statement from the escrow agent and reconcile this with your HUD1 statement that you signed at settlement NOT THE FINAL doctored HUD1 they send AFTER closing. You may be very surprised at how much money they actually made on your loan.
If your mortgage was for a home in Washington State, you can easily obtain the Statement of Charges and Settlement Agreement with Washington Department of Financial Institutions at this address: http://www.dfi.wa.gov/consumers/news/2008/paramount.htm. Very interesting read.
My advice would be don't bother contacting Paramount Equity, they talk about how much they want to make things right, but they have no desire to actually do that for YOU, only for THEM. Their goal is to make you QUIET not HAPPY.
This report was posted on Ripoff Report on 01/31/2011 12:35 PM and is a permanent record located here: http://www.ripoffreport.com/r/Paramount-Equity/Roseville-California-95661/Paramount-Equity-Paramount-Equity-Mortgage-Deceptive-Practices-Truth-in-Lending-Violation-689059. 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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