Comments on: Illegal Loan Modification Companies: Welcome to the hottest business since subprime!

By: HL Kligne

HL Kligne — Wed, 21 Sep 2011 16:44:44 +0000

I have been in phone conversations with a NY firm that I felt uncomfortable with so I ceased my direction with them. They were in voice telling me they would give a refund IF they couldn’t get my loan modified. But when the paperwork arrived nothing of that is referenced. So I pulled back.. Now they are sitting with all my social security information / loan information .. thank goodness I didn’t give them my banking info….

Are there honest and repriable loan modifying companies out here. If so HOW DOES ONE FIND THEM…..

Thank you in advance for your input…

Sincerely,

Heinrich

By: Eileen Holly

Eileen Holly — Tue, 19 Apr 2011 19:53:11 +0000

Has anyone heard if Novation Law Center is a reputable company for a loan modication? They are asking for $3,500 up front.

By: Bill Baskin

Bill Baskin — Thu, 24 Feb 2011 00:31:03 +0000

It is important to note that the FTC passed the MARS Final Rule that went into full effect January 31, 2011. Under this new Federal Law, only Attorney’s can collect fees for loan modification work, subject of course to more restrictive State laws. It is important to note that the Attorney must be licensed in the State that either the Borrower or the property resides, so out-of-state attorneys would be in violation of the FTC rule were they to offer their services. Mortgage companies, Financial Service companies, loan modification companies, or individials can no longer charge fees until the borrower signs their modification agreement.

Since this law went into effect, we have had a number of Clients who reported being contacted by firms offering $3000 to $5000 to join their “Financial Services Club”, which offers a free Loan modification to members. We found others promising to get your house free and clear within 90 days, if the borrower would agree to pay 25% of the home value if it happened,and there was a $5,000 fee to “join”. We report any and all “Scammers” like this, or any firm not owned and run by licensed Attorneys to the California Attorney Generals office, or to the AG task force. Forensic Loan audits are also precluded from being sold by anyone except an Attorney, so be careful of these scams as well as they provide almost no value to a consumer and should cost less than $1,000.00. Speak to an Attorney so you understand what impact, if any, a Forensic Loan Audit may have on your case. I see all these names from recent posts like “Strategic Loan modifications” and know they are not law firms….Perform your due diligence on any firm you are considering hiring. Check out their attorney and ideally set up a call or better yet a meeting with the attorney who is in charge of your case before signing or paying any monies. If they stall or are unable to do so, run, as likely no Attorney is present. One other red flag I would look for is any firm that overstates what they can do and does not advise you that you are seeking voluntary concessions that the lender does not have to provide. The outcome of any loan modification case is uncertain at best. A full financial review and underwriting analysis should be performed before anyone can tell you if they believe you “qualify”. My mobile phpne gets cold called every day by some scammer who guarantees me a 2% rate and/or a principal write-down (an unlikely outcome), before they know the first thing about my situation or finances. great website BTW!

By: Kelly

Kelly — Fri, 15 Oct 2010 13:41:38 +0000

Has anyone heard of Client Legal Services out of Juno Beach, Florida?

By: Monkey girl

Monkey girl — Fri, 01 Oct 2010 01:19:56 +0000

All of the information on this blog has been very helpful. But, now I’m very confused about whether or not a loan modification is the way to go?
Can anyone tell me of a good loan modification company or lawyer in the state of Missouri? Thank you and Good Luck to all!

Monkey girl

By: Jill J

Jill J — Fri, 17 Sep 2010 01:45:23 +0000

To: Lousellsco
Help we’re almost into a refi with a not so reputable company, we need and have to get a refi so we can afford the house we can’t sell and the house we bought. I know, stupid, but we’re giving it every thing we know and nothing is selling the house and we want to keep the house we’re in. We’re down to paying the payments on the home equity loan we’ve had for years and still no house sold without going into short sale. Maybe getting it rented is the answer but still in the same situation got to refi it off of a 5/year and get the payment down, the rental market sucks too. Can’t find renter for the amount we owe in mortgage.
Can anyone help? Would like someone local in CO if possible.
Thanks
Jill

By: Brenda Vasquez

Brenda Vasquez — Mon, 23 Aug 2010 18:02:41 +0000

I was a client of Strategic Loan Mods in Seattle. They misrepresented all they would do for me, had fake “cases” on their website, and had a money back guarantee that they now say they don’t do anymore. They said they hooked everyone up with attorneys, but they hooked me up with someone that wasn’t. They charged $2500, and $900 was paid to the attorney. They omitted the part that the contract was with the attorney and not them, and so I was only covered for the $900 dollars and I had to go get my money back. Which of course never happened. Very deceptive practices. Also, they really didn’t know what they were doing. The attorney didn’t either. Now they have changed everything on their website to reflect their “learning” experiences. Bottomline this operation was dishonest, and did absolutely nothing to help me out.

By: Ron

Ron — Sat, 14 Aug 2010 20:49:02 +0000

Sadly, I paid $2495 to a company in Florida called National Loan Restructuring. After a year of bad advice, delays, and even outsourcing my work to a third-party company, they reneged on their Money Back Guarantee when the bank declined our application for a loan modification.

Their agreement said, “We offer a Money Back Guarantee of the client fee in event that the loan modification is declined.” My application was declined because it was an FHA loan, a fact they should have known before we even started. They claim they have expert attorneys but I never heard them speak of attorneys after the initial sales call. They refused to give me a refund and fabricated a laughable excuse.

I feel ripped-off by this company and would never recommend them. Their CEO, Robert Ready, was touted to be a pillar of the community, but he wouldn’t even answer my email when I tried to appeal the company’s decision. I will be filing a complaint with the Florida State Attorney General, the Better Business Bureau, and anywhere else I can find to stop these people. I was trying to help a struggling single mom with four children and this company took their money without providing any value. It is a shame.

Now that I am a little smarter, I would recommend calling your bank directly or utilizing some of the other resources to see if you qualify. If you feel you need professional services, use a local company whose office you can walk into. These people know it would be too expensive for me to take legal action across country, so I am stuck. Don’t let this happen to you. STAY AWAY FROM THESE GUYS!

By: SOMAD

SOMAD — Thu, 22 Jul 2010 22:56:14 +0000

I gave a $2500 retainer to the LAW OFFICE OF JAMES CIOFFI. An educated used car salesman that works for this firm ( Joe Prince) talked me and my husband into the deal. He assured and promised us (via phone and email) that we would not loose any money. After we paid, we found out that we were victims of the bait and switch scam. The “processor” stated that we couldnt do a modification and there were no refunds of the retainer allowed. Well… we lost all of our money that we had in our savings account. Now, we are still struggling with a baby on the way. DONT DO IT!!!

By: Juan

Juan — Wed, 23 Jun 2010 23:41:53 +0000

Bottom line, if you descide that reaching out for help from an agency or law firm is your last ditch effort to save your home, please be advised;

If in the consultation you recieve from this place, the representative says the word gaurantee, or promise? Red Flag!!!! Their are NO gaurantees in this industry! PERIOD!