“However, just hours later, a Bank United spokesperson said the release was false and that the bank had no agreement in place or any intention to sign one.” Bank United spokeswoman said in regards to a fake press release issued yesterday by the Mortgage Modification Legal Network.
The ole subprime wolf in home saving sheep’s clothing seems to be appearing on every Main Street and internet corner in America. These salesman and woman are roaming the streets salivating at the chance to cure your financial and housing woes. Targeting homeowners with their magic mortgage modification snake oil that saves homes with no more than a drop of oil and check for $5,000.
They are using the US postal service, internet super highway, telemarketing, yard signs, busses and in the case below, fake press releases announcing special lender loan modification partnerships. Their goal is simple, gain consumer confidence, media credibility and then consume their prey.
It appears that these loan modificationcompanies have gone wild and will do anything to get a deal. Many are operating like it’s the subprime Wild, Wild West all over again and they’re putting themselves in the spot light by announcing their bullshit via press release to anyone and everyone. Including but not limited to the DRE, local DA, our state’s AG’s, FTC, Moe and just about every other agency that governs unscrupulous and deceptive business practices involving real estate.
Geez, this wild and crazy loan modification company should have just showed their boobs for a modification. Maybe that would have kept them under the legal radar because this appears to be and obvious use of deceptive advertising to serve what appears to be an unfair business practice.
The press release, which can be seen here, claims “Bank United through Eagle Nationwide Mortgage Company’s affiliate offices, along with Ryan Boyajian, President of Mortgage Modification Legal Network, announced a partnership to stop foreclosures and move homeowners into loans that both the bank and the homeowner can comfortably live with.”
However, just hours later, a Bank United spokesperson said the release was false and that the bank had no agreement in place or any intention to sign one.
Here are the bogus claims by the Mortgage Modification Legal Network made in the original press release:
Over the last 60 days, Eric Darmanin, Senior Vice President, Bank United through Eagle Nationwide Mortgage Company’s affiliate offices, along with Ryan Boyajian, President of Mortgage Modification Legal Network, announced a partnership to stop foreclosures and move homeowners into loans that both the bank and the homeowner can comfortably live with.
“We find this to be a unique and correct approach toward effectively improving loans and lives, especially over the holiday,” David Castillo, Eagle Nationwide Mortgage Company and Colorado Capital Investment Group.
Can you believe the advertising lows some real estate and mortgage professionals will go to make a buck? Oh wait, this company appears to be ex-mortgage or current mortgage brokers!
Then yes, it is 100% unequivocally believable.
It turns out Eagle Nationwide Mortgage was simply an approved broker with Bank United when it launched its loan modification program, while “MMLN was never approved to work with Bank United in any way.”
The spokesperson even noted that the quote attributed to Eric Darmanin, Senior vice President of Bank United, was fake (perhaps the use of exclamation should have tipped us off).
Update:Monica Peterson, an outside spokeswoman for MMLN, said the company obtained permission to run the release, but not the quote from Darmanin.
She added that MMLN is working with Eagle Nationwide, but not directly with Bank United, and apologized for the confusion.
On Monday, Mortgage Modification Legal Network (MMLN) issued a press release saying it had partnered with Bank United, Florida’s largest bank.
The release, which went out on Business Wire and was datelined from Miami Lakes, said MMLN would proactively reach out to more than 7,000 homeowners, in partnership with Eagle Nationwide Mortgage Co., to help them modify their mortgages with the bank.
It included a quote attributed to Bank United Senior VP Eric Darmanin.
Bank United spokeswoman Melissa Gracey said Eagle Nationwide was an approved broker when Bank United launched its mortgage assistance program (MAP), but “MMLN was never approved to work with Bank United in any way.”
Yes, this is how desperate these loan modification companies are getting and homeowners are their target.
Here is MMLN’s website. http://www.wesavehomes.com/
With over 40 years of combined experience in the financial services, debt settlement and mortgage industry, MMLN has rapidly become one of the largest nationwide loan modification and loss mitigation servicing firms.
A quick check on the Department Real Estate indicates that they are not DRE approved as a mortgage modification company . So, I am not sure exactly what these guys are up to, but I am sure one doesn’t need to be Sherlock Holmes to figure this mystery out!
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