Complaint Review: MCAP - Toronto Ontario
- MCAP 200 King Street West Suite 400 Toronto, Ontario Canada
- Phone: 800-265-26-24
- Web:
- Category: Mortgage Companies
MCAP company lies, cheats and steals from its mortgage clients ripoff Toronto Ontario
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Be very careful when dealing with MCAP mortgages. I recently sold a property and paid out an MCAP mortgage early which resulted in payout penalties. I received two payout penalty statements before I sold the property indicating a penalty of roughly three months interest or about $2500. This was to be expected and was confirmed by telephone. I even asked them why the penalty was so low and the company told me that because I was selling the property they only charged three months interest as a penalty, not the interest differential which would have been significantly higher.
Then, when I sold the condo and actually paid out the mortgage they tried to charge me $18,000! Of course I did not pay them and they eventually brought the charges back down to a reasonable amount (more than what they had quoted me however). I have also heard that they try to add extra fees at the last minute such as charging for discharge papers. That didn't happen to me, but that is the information most mortgage agents have on this company. Their philosophy I assume would be to ask for the higher amount and see if they get is. If not, go back to the original amount.
Rodney
calgary alberta t2p2j1, Alberta
Albania
This report was posted on Ripoff Report on 04/24/2004 11:21 AM and is a permanent record located here: https://www.ripoffreport.com/reports/mcap/toronto-ontario/mcap-company-lies-cheats-and-steals-from-its-mortgage-clients-ripoff-toronto-ontario-88819. 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. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content
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