His answer: a California company that pledged to get his mortgage loan modified. In return, the firm wanted nearly $2,000 upfront, and a seemingly affiliated debt-relief group asked for another $1,000. Desperate, Mr. Davis paid up.
The story ends with Davis getting nothing in return for his $3,000, and instead needing to borrow $14,000 to save his house two days before it was to be sold at auction.
Davis’s story has become part of a national parable. With the downturn in the housing market, scams promising to stop foreclosures or modify loans quickly are growing.
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I understand the frustration. However, It really doesnt make a lot of sense for the media to scrutinize unscrupulouse “modification experts” when there are more important things at hand. Im interested in your results? Did he perform a service for you?
This is simmilar to the securitie industry. You can go right to the bank! Most consumers preffer the expertise of a broker who knows the in’s and out’s of the financial industry? Right? What makes more sense, hmmmm.
Could some one help me with any Govt agency’s contact, to whom I can complain about my Loan modification which is being continously being dragged with out any apparent reason.
They are just purposely delaying the whole process since April of 2009. I really want some one from the administration to know about this and atleast point us to complain to some one.
This is very painful, hoping that you would be able to save your home if the payment is reduced by a couple of hundred dollors. The Bank is Wamu, which is now becoome JP Morgan Chase.