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We are homeowner/investors in Florida. Most of the mortgages in Florida are upside down, including ours. We were customers of American Home Mortgage Service, who has gone under and we were told that the founder has been indited.
I have been calling various loan modification companies to ascertain if it is possible to get loan modifications on our properties. Has anybody heard of Greenleaf Legal.com in Santa Ana, Ca.? Loan modification companies are making promises that we could get our mortgages modified to lower levels, saving us as much as $200,000 on a mortgage. We paid $350,000 for our property and the same properties are short-selling around us at $150,000. We weren't the type of people who purchased with no money down. We put 20-25% down on our properties. Greenleaf stated that we could our mortgage lowered to $150,000.due to hardship. My husband was in construction. The jobs are gone. I'm sceptical. It seems too good to be true. I called 5 loan modification services. They are all over the place. The average charge is $2500. per property. Has anyone heard of Greenleaf Legal.com? Are they legitimate? Has anybody heard of The Feldman Law Center? We're down to the last of our money and we don't want to be scammed. |
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HI,
I have not heard of Greenleaf. As for the loan modification co charging that much- is too much. Our negotiating team would have to review your application to determine what could be done. My loan mod co charges 795.00 if we know we can help you. Once a negotiation is made with your bank (that you and your husband are happy with) there is a completion fee of 795.00. Total 1590.00 You can also try to negotiate for yourself. If you try to do it just be persistent and patient. I hope all works out for you and your family. |
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Has anybody heard of The Feldman Law Center?
We're down to the last of our money and we don't want to be scammed.[/quote] We hired Feldman Law Center months ago and have not had anything promising yet. We have caught them in a few statements that do not appear to be accurate. I am afraid I have been scammed. I am thinking about calling one of those news shows that expose dishonest businesses. Try calling your lender first and see how far you can get before spending so much money on a company that cannot provide any evidence of success. |
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Words from an Opinionated California Lawyer
In California, the Department of Real Estate website lists the companies that have DRE "permission" to modify loans... add to this list any licensed California attorney, and that is where you should begin your due diligence when you seek help in California. Other states probably have similar laws, so check with your own state DRE. My law firm has been getting more and more calls recently from homeowners that were victims of predatory lenders who put them into an unaffordable loan and now fell into the hands of those same people who sold the toxic loans but profess to be saviors... DON’T BE A VICTIM TWICE! Do your homework and THOROUGHLY investigate any firm before hiring them to save your biggest asset and the place you call “home.” These scammers are popping up like dandelions on a freshly mowed lawn. They advertise on the Internet, freeway billboards, radio, television, and print media everywhere. Make no mistake, in many cases, these are the exact same loan officers and mortgage brokers who fleeced homeowners the first time around. After losing their jobs with the crash of the mortgage industry, they have found a new way to make ill-gotten profits from hard-working homeowners through loan modifications. In California, with very few exceptions (and attorneys are one exception), it is against the law for anyone to take money up front for helping a homeowner who is in default. Don’t trust a company that begins its relationship with you by breaking the law. Of course, this is one lawyer's biased opinion, but one based on many distressing calls to my office every day. And, yes, my firm does take cases against loan modification companies who have violated laws. This field is quickly becoming one of the fastest growing sections for our mortgage law firm. - Paul J. Molinaro, Esq. |
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Many of these loan mod services are preying on shell shocked home owners/defaultees, luring them with the notion that a law office or Attorney is personally handling their case and will fight for them. The truth of the fact is that you have a network of vultures and opportunists, plotting on how to best get rich quick on the demise of others. They put up the money, chart out some contracts with basic fees to line their pockets, call on some "Affiliates", more than likely the now starving loan underwriters/officers/brokers who once seduced these naive defaultees in the first place, contract with them, let them line their pockets with a little something and then hire desperate-out-of-luck-individuals to do the "work". They ask if you are in default..if not, great they cash in your check...never discuss or put in writing exactly what they will do for you...just that they will do some modification and for you not to call your lender--they will--but they don't--not often. They never call to update you...you have to call the hired help and you can't get a hold of them. You ask to speak to the attorney and get the run around, you ask for a written report of progress and accountability and nothing. Loan Mod contracts are so detailed about how they are not to be hold accountable for misrepresentation, conduct, etc...but that's exactly what it is MISREPRESENTATION. Most of the loan modifications I've seen leave the home owner deeper in debt than when they asked for help in the first place. They add the delinquent amount to the LOAN and the repayment plan is often higher than before they defaulted!!! So Mr. BadLuck started with a 350k (1st n 2nd) loan on a house, currently worth 180k, paid 3k to Loan Mod Ser. and now has a 380k loan with a fixed rate but a higher payment (due to the repayment plan on the 2nd). Wow...great Modification. The Attorney, Affiliates and bottom feeders got paid (3k per client in need=$$$$) I can assume they did not go cold or hungry this Thanksgiving and probably have plenty of gifts to give (and receive) this Christmas. But what the heck, it's better to give...you should be ashamed of yourself. YOU know who YOU are...
What about this Hope for Home Owners program? No one has heard of it and if they have they have no clue where to start. If they actually have a clue, well the bank/investor is not interested. GIVE US ALL A BREAK.....talk about a SCROOGE...squabble, squabble! |
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Paul J. Molinaro,
I did my homework and I still got burned by this law center. Just because someone is a licensed lawyer means nothing. There is so much money out there to be made, these scammers think they can afford to be sloppy. |
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I will the first to say there are rotten apples in every bunch. A law degree is not a guarantee of trustworthiness. My advice was to grill anyone you hire on their qualifications. Check them on the Internet, through the BBB, and ask everyone. This is peoples' homes we're talking about... probably the biggest investment they will ever have and where they raise families and become part of a neighborhood. This is not something to screw around with. Go cheap on the DVD player shooting for price and the lure of a money back guarantee... but for hundreds of thousands of dollars get serious.
- Paul |
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