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.
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