Report: #224596


  • Submitted: Sun, December 10, 2006
  • Updated: Sun, December 10, 2006
  • Reported By: Rochdale Village New York
    Two Gatehall Drive
    Parsippany, New Jersey
  • Phone: 800-242-6746
  • Web:
  • Category: Loans


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I applied through Lending Tree for a home equity loan. I received three offers, among them, Champion Mortgage. I was half way through the loan process with Home Loan Bank when Steven Epstein of Champion Mortgage called me. He asked me what my home was valued and I told him $385,000. He did an 'online' appraisal and then told me that my house was worth $460,000. I accepted his word and we began the loan process. When my house was appraised by the appraiser sent by Champiom Mortgage, it was valued at $380,000. After a week of not hearing from Mr., Epstein and several phone calls and email to him, I was finally spoke to him and was told that because my home was valued at 'only' $380,000, the loan had to be cancelled; that Champion Mortgage could do nothing for me. He deliberately overvalued my home by telling me it was worth $460,000 and when it was valued at a much lower price, Champion Mortgage left me hanging. Because it was a home equity loan to consolidate my bills and I was assured by Mr. Epstein that it was going to be approved, I placed paying my bills on hold only to be left with the bills running 30 days late. Don't be misled by 'sweet' offers from Champion Mortgage. I should have gone with Home Loan Bank.

Rochdale Village, New York
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