I wanted to let my readers know that there are a lot of foreclosure prevention service scams being perpetuated across the nation and that people need to be educated about the process and also who to go to for help.
A recent article in the Business Journal explained a scam where a guy would set up fake buyers to purchase these home for distressed homeowners and give them cash to walk away for the property. The old “We will buy your home scam”, that is every where right now.
Here’s a snippet from that article:
” Craig pleaded guilty May 10 in U.S. District Court in Sacramento to fraudulently collecting $1.2 million in home equity loans from Washington Mutual Bank. The homes used in the scheme are in Auburn, Lincoln, Stockton, Elk Grove, Sacramento and Manteca.
Craig found homeowners on the verge of foreclosure and offered to help them by loaning them money, investigators said. Instead, he prepared documents to deed their property to a straw buyer, who in turn would apply for home equity loans.
The straw owners allegedly lied to the lender, saying they were the sole owners of the properties and that there were no mortgages on the property. Craig’s scheme netted $1.2 million which ended up in his accounts, investigators said. He paid back only one of the loans, defrauding Washington Mutual of $974,452.”
Please beware of these foreclosure prevention service scams. Anything that sounds to good to be true, most likely is!
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has anyone ever heard of American Foreclosure prevention (AFP) division of LPI-IV, LLCout of West Chester Ohio
I am thinking of giving them a try–but has anyone ever had an experience
No – however – go to Loansafe.org and post a thread there to see if anyone there has. There are a whole bunch of folks starting these “companies” to “help” people, and some of them, are just there to help their pocketbooks. LLC’s always bother me, very easy to put together and very easy to fold the tent up and move away……fast.
I have initiated working with American Foreclosure Prevention,LLC. Ive spoken to the owner and have given him a deposit to begin mitigation regarding my lender and what can be worked out with my loan instead of losing my home. Im waiting to see how they operate but in the mean time I am also keeping my ears and eyes open for legitimate mitigations.
Has anyone done business w/ American Consumer Counseling Organization? They’re located in Newport Beach.
What is the typical cost of having one of these companies work out a loan modification w/ the lender?
Concerning “HOME PROTECTION AGENCY”
based in Bonita Springs, Brandon, and Miami Lakes FL
+ Does anyone have any experience and/or info about this loan-workout company?
+ Are they legit? (they’re asking for $1200 up front .. is that typical ?)
+ How can someone research a specific firm to make certain they’re not being scammed?
I am current on my mortgage. But quickly approaching the loan-workout / short-sell decision so many are facing. My biggest concern is making certain I don’t get scammed by a fraud outfit.
Thanks!
Hi, has anyone at this point , december 2008 used American Foreclosure Prevention successfully?
We are currently dealing with AFP at this time. I am waiting to see how things go myself. I have been told things, but I have no idea if they are fact. I am told it is being worked and that they have conferenced twice with the lender. We are 4 months behind at this time.
I am working with MI Solutions LLC does anyone know anything bad or good about them?
I am working with RealEcon for Dakota Investment Group. Sounds too good to be true. Am I being scammed? Has anyone heard of these companies?
Sue- Its NOV 2009. SB94? Hello? Loan modifications are now illegal with an upfront fee.
Bruce is right! SB94 does not allow for upfront fees even for lawyers. So you are definitely getting scammed. Find a genuine law firm to help you or a non profit organization. Even if they are lawyers check if they are genuine and if you meet with them or at a real law office.
http://calbar.ca.gov/state/calbar/calbar_cbj.jsp?sCategoryPath=/Home/Attorney%20Resources/California%20Bar%20Journal/November2009&sCatHtmlPath=cbj/2009-11_TH_02_foreclosure.html&sCatHtmlTitle=Top%20Headlines
We handle many loan modifications, but every day we see people scammed.
Good Luck
Shah Peerally, Esq.
http://peerallylaw.com
i called a place callesd federal loan mitigation inc. 2575 mccabe way,suite 200 irvine,ca.92614.they said for eighteen hundred dollars they could get the bank to forgive my thirtysix thousand home equity line of credit and the goverment will reimburse them the money because i lost my job and retirement so part of the stimulus is for people like me to stay in my home. they also said that they could get the bank to bring my interest rate down to 2 percent instead of 6.is this true please let me know asap. thank you! teresa hartman