Comments on: California Loan Modification Firms Out of Control http://loanworkout.org/2009/03/california-loan-modification-firms-out-of-control/ Loan Modification & Home Loan News Fri, 20 Nov 2009 12:55:43 -0700 http://wordpress.org/?v=2.8.6 hourly 1 By: Krista http://loanworkout.org/2009/03/california-loan-modification-firms-out-of-control/#comment-14827 Krista Tue, 19 May 2009 16:50:21 +0000 http://loanworkout.org/?p=3526#comment-14827 Hi Jessica, I recommend that you contact an attorney if the company will not give you a refund. You may also want to file a complaint with the California Department of Real Estate, Department of Corporations and California Bar. Also, don't forget the BBB. It sounds like you either also signed up for a debt settlement plan or have multiple liens. Again, take your contract to an attorney if you have to in order to get assistance in obtaining a refund if they won't help you. Hi Jessica, I recommend that you contact an attorney if the company will not give you a refund.

You may also want to file a complaint with the California Department of Real Estate, Department of Corporations and California Bar. Also, don’t forget the BBB.

It sounds like you either also signed up for a debt settlement plan or have multiple liens.

Again, take your contract to an attorney if you have to in order to get assistance in obtaining a refund if they won’t help you.

]]> By: Jessica http://loanworkout.org/2009/03/california-loan-modification-firms-out-of-control/#comment-14024 Jessica Thu, 16 Apr 2009 02:05:13 +0000 http://loanworkout.org/?p=3526#comment-14024 I paid $6300.00 to Green Credit Solutions and they accomplished nothing in four months and now they only want to give me $2000.00 out of all that money I gave them. I would say DONT TRUST any of them and call the banks yourself I paid $6300.00 to Green Credit Solutions and they accomplished nothing in four months and now they only want to give me $2000.00 out of all that money I gave them. I would say DONT TRUST any of them and call the banks yourself

]]> By: Benny http://loanworkout.org/2009/03/california-loan-modification-firms-out-of-control/#comment-13947 Benny Tue, 14 Apr 2009 03:05:39 +0000 http://loanworkout.org/?p=3526#comment-13947 The Loan Mods should be done by a real estate broker period. It is quite simple in California the upfront money goes into a trust. After services are rendered then they get paid. 25% for consultation, 75% when loan mod is complete. I believe it should be 25% initial consultation, 25 loan preparation 50% when loan is complete. I am sorry people an attorney doing a loan mod is an attorney who can’t find any other work. We are the people who talk to the banks. We are the people who are going to get them a short-sale if the loan mod gets rejected. If you want a loan mod use a reliable broker. P.S Reginaldo if you can’t afford your neg am you can’t afford a loan mod, if an attorney says you can well you just lost your retainer fee. Benny The Loan Mods should be done by a real estate broker period. It is quite simple in California the upfront money goes into a trust. After services are rendered then they get paid. 25% for consultation, 75% when loan mod is complete. I believe it should be 25% initial consultation, 25 loan preparation 50% when loan is complete. I am sorry people an attorney doing a loan mod is an attorney who can’t find any other work. We are the people who talk to the banks. We are the people who are going to get them a short-sale if the loan mod gets rejected. If you want a loan mod use a reliable broker. P.S Reginaldo if you can’t afford your neg am you can’t afford a loan mod, if an attorney says you can well you just lost your retainer fee. Benny

]]> By: Jorn http://loanworkout.org/2009/03/california-loan-modification-firms-out-of-control/#comment-13775 Jorn Tue, 07 Apr 2009 21:49:40 +0000 http://loanworkout.org/?p=3526#comment-13775 I know a couple of Immigration Lawyers that just became Loan Modification Expert. You figure 9 million to 15 million Mods multiply that by $4,00o to $7000 fee that's a lot of money. I guess just ask the lawyer what he use to practice before he became a Loan Mod expert. I know a couple of Immigration Lawyers that just became Loan Modification Expert. You figure 9 million to 15 million Mods multiply that by $4,00o to $7000 fee that’s a lot of money. I guess just ask the lawyer what he use to practice before he became a Loan Mod expert.

]]> By: Javier Garcerant http://loanworkout.org/2009/03/california-loan-modification-firms-out-of-control/#comment-13655 Javier Garcerant Sat, 04 Apr 2009 16:04:54 +0000 http://loanworkout.org/?p=3526#comment-13655 I think the way to fix this is having a mandatory special license that will require that the person applying for it has a previous license, either Real Estate, Mortgage etc, perhaps with a mandatory surety bond, if at the same time they create laws just like the laws that even send you to jail for working without a license, I bet there will be few people that will take a chance of going to jail, that way everyone who is legally license and knows what he/she is doing, will be accountable for their actions and the customers will be protected. As we all know it is imposible that the few lawyers that are working in this business can handle tha volume and we all know there is more to come. I am in South Florida and this problem is just getting out of hand. I think the way to fix this is having a mandatory special license that will require that the person applying for it has a previous license, either Real Estate, Mortgage etc, perhaps with a mandatory surety bond, if at the same time they create laws just like the laws that even send you to jail for working without a license, I bet there will be few people that will take a chance of going to jail, that way everyone who is legally license and knows what he/she is doing, will be accountable for their actions and the customers will be protected. As we all know it is imposible that the few lawyers that are working in this business can handle tha volume and we all know there is more to come. I am in South Florida and this problem is just getting out of hand.

]]> By: Gayle http://loanworkout.org/2009/03/california-loan-modification-firms-out-of-control/#comment-13435 Gayle Fri, 27 Mar 2009 23:05:12 +0000 http://loanworkout.org/?p=3526#comment-13435 To Reinaldo. Help is available to those who are suffering a hardship. It would not hurt you to contact a company handling loan modifications to see if you qualify. It should not cost you anything to check. Just be careful to choose a legitimate company. Having looked into this myself, I believe you are safest with a company that utilizes Attorneys. To Reinaldo. Help is available to those who are suffering a hardship. It would not hurt you to contact a company handling loan modifications to see if you qualify. It should not cost you anything to check. Just be careful to choose a legitimate company. Having looked into this myself, I believe you are safest with a company that utilizes Attorneys.

]]> By: reginaldo nunez http://loanworkout.org/2009/03/california-loan-modification-firms-out-of-control/#comment-13295 reginaldo nunez Mon, 23 Mar 2009 22:51:30 +0000 http://loanworkout.org/?p=3526#comment-13295 Can you tell me if I qualify for loan modification My loan is with wamu and is arm option 1 wich means I have negative every month this a trhee units owner occupied I am late all ready one month and I dont want to make any moore payments becouse the loan is bad loan with negarive each month Can you tell me if I qualify for loan modification
My loan is with wamu and is arm option 1 wich means I have negative every month this a trhee units owner occupied I am late all ready one month and I dont want to make any moore payments becouse the loan is bad loan with negarive each month

]]> By: Nomarac http://loanworkout.org/2009/03/california-loan-modification-firms-out-of-control/#comment-13283 Nomarac Mon, 23 Mar 2009 17:21:35 +0000 http://loanworkout.org/?p=3526#comment-13283 As with any industry there are good and bad apples. It is a shame that unscrupoulous modification companies are spoiling a legitimate niche for competent hard-working professionals... that are not lawyers. I have mentored two attorney's already in order to help them enter this field. My firm also does the back-end for an attorney at this point in time. The mere fact of being an attorney does not instantly make one a skilled and successful loan modifier. I humbly submit that anyone with the correct experience in mortgage lending and real estate, contacts within lender loss mit departments (a strong plus), a stubborn and tenacious nature, a strong work ethic and high ethical standards will make an excellent advocate for homeowner clients that do not feel prepared or able to tackle the beauracratic monster's. Clearly the laws in each state must be obliged I just feel it is truly a shame to provide attorney's unfair privliedge in this arena as being a lawyer provides no particular advantage in negotiating a loan modification. The impression created by such legislation promotes a falsehood and of course many attorney's with no experience in real estate or mortgage lending are creating a false impression that they can adequately represent their client's interests when, in fact, they have no clue how to proceed in obtaining more favorable mortgage terms for their clients. As with any industry there are good and bad apples. It is a shame that unscrupoulous modification companies are spoiling a legitimate niche for competent hard-working professionals… that are not lawyers.

I have mentored two attorney’s already in order to help them enter this field. My firm also does the back-end for an attorney at this point in time. The mere fact of being an attorney does not instantly make one a skilled and successful loan modifier.

I humbly submit that anyone with the correct experience in mortgage lending and real estate, contacts within lender loss mit departments (a strong plus), a stubborn and tenacious nature, a strong work ethic and high ethical standards will make an excellent advocate for homeowner clients that do not feel prepared or able to tackle the beauracratic monster’s.

Clearly the laws in each state must be obliged I just feel it is truly a shame to provide attorney’s unfair privliedge in this arena as being a lawyer provides no particular advantage in negotiating a loan modification. The impression created by such legislation promotes a falsehood and of course many attorney’s with no experience in real estate or mortgage lending are creating a false impression that they can adequately represent their client’s interests when, in fact, they have no clue how to proceed in obtaining more favorable mortgage terms for their clients.

]]> By: Lauren Young http://loanworkout.org/2009/03/california-loan-modification-firms-out-of-control/#comment-13208 Lauren Young Sun, 22 Mar 2009 01:08:28 +0000 http://loanworkout.org/?p=3526#comment-13208 Caution is the word here. It's not that loan modification companies are all fraudulent, it's that in many cases they are breaking the law when they take up front fees from a consumer in default. If you do business with a company that is breaking the law, should you be surprised later when they turn out to be fraudulent? - L. Young, ESQ Caution is the word here. It’s not that loan modification companies are all fraudulent, it’s that in many cases they are breaking the law when they take up front fees from a consumer in default. If you do business with a company that is breaking the law, should you be surprised later when they turn out to be fraudulent?
– L. Young, ESQ

]]> By: Khaled Ibrahim http://loanworkout.org/2009/03/california-loan-modification-firms-out-of-control/#comment-13170 Khaled Ibrahim Sat, 21 Mar 2009 03:58:15 +0000 http://loanworkout.org/?p=3526#comment-13170 I don't think that attorneys are experts of calculating NPV or figuring out BPO or DTI ..I think it's absurd to let an attorney do a Mod. it's a 100% Loan officers business. the Mod is not purchase contract it's debt restructure. I don’t think that attorneys are experts of calculating NPV or figuring out BPO or DTI ..I think it’s absurd to let an attorney do a Mod. it’s a 100% Loan officers business. the Mod is not purchase contract it’s debt restructure.

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