Has anyone heard of this company or had any success?
It seems like a good alternative to working with my lender myself
but they charge a huge fee of $3,500.00 upfront but guarantee to return money
if they are not able to get the terms that we present to my lender.
I don't want to get scammed and I don't know
who to trust. I have been reasearching them online and haven't been able to find much.

Does their proposal sound legitimate?
They work with a mortgage company that doesn't seem to have a website. I do have their (mortgage company's) toll free number and business address in Southern California that I need to call but I am not sure what to ask

Be very wary of this JW Financial Solutions, Inc. I signed up with this company 5 months ago hoping for something that sounds "to good to be true".

For a $3,500 "application" fee (so people don't waste their time) they will lump you into a pool of other people with the same mortgage holder and negotiate a lump settlement with your mortgage company. They state that they can offer around 22 cents on the dollar for block of mortgages from various banks and that in the current state of economy the banks are happy to get these much needed funds. Their claim is backed by money.com when I researched this claim. Once they negotiate the deal they will now "own" your mortgage and will rewrite it to you for around 75% of MARKET value. This could potentially save you tons of money on your mortgage and relieve you of those thousands of dollars that you are upside down on, on your mortgage. They then will finance the new balance for a minimum of 3 years at 3% above prime. They also state if they can't get the results as promised with in 12 months they will give you a full refund. This all sounds fantastic except for...."It Sounds To Good To Be True"!!, yet I still did it. Greed I suppose.

The problem with this company is that they do not provide any updates to you. Anytime you call they just tell you it is still in negotiations. I don't know of anyone who has actually benefited from this type of modification. They provide no testimonials, no references, no case history of actually accomplishing what they claim they can.
What I see happening at this point is this:
They'll probably collect around 1000 applications, at $3,500 each this will raise around $8,750,000 and they'll disappear after their year is up with no results. By then all the posts will be out on the web how a lot of people got ripped off and never got their promised refund for no results. Even if they do give the refunds, they raised huge amount of interest free capitol for their business when no banks were giving loans. Nice Racket!!
If something different happens for me I will give them a sincere apology and post it here, I will also be the first to offer a testimonial.
Give them a chance at your own risk.

Thanks "Mack" for the information. I am looking to modify my loan and time is running out.

If this company is legitimate and does what it promises then maybe they can help other homeowners

but if they are a scam then I hope this posting will help folks avoid being ripped off.

The website for JW FINANCIAL SOLUTIONS is: jwfscorp.com/home

Their investors are: WEST COAST MORTGAGE located at 9107 Wilshire Blvd Beverly Hills CA 877-203-6958.

Their old address is 5042 Wilshire Blvd Beverly Hills CA.

Note: If we go through JW Financial directly they cut out the middle man (loan reps)

and the FEE will be $2,500.00. If anyone does find out more info please come back and post it here.

I can't speak for anyone else, only for my situation. And when I met up with JW Financial Solutions back in Oct of 2008 I was 6 months behind on my mortgage and I had a trustee sale date scheduled. Their attorneys, whom I have spoken with on several occassions, postponed my sale and its now cancelled meaning I don't have a sale date listed anywhere. I have not paid my mortgage since May of 2008. I don't know exactly what they did but it worked! My note has not been purchased by them yet (they are telling me mid April; delayed due to the 2 bail out packages by the feds) but when I started to ask the attorneys questions on the program he started to lightly chuckle and said "yeah you are still a little skeptical huh?" And of course I said yes and he then assurred me that this was not a pipe dream. So....this may not be nor work for everyone but they were and are a life saver for me!

WARNING.

Members, please exercise a lot of caution in dealing with any of these types of companies.

Check them out with your BBB and do a lot of Google searches.

In these difficult economic times many con men crawl out of the woodwork and it is too late to complain when your money has gone.

What seems like an answer to your prayers at the moment could lead into a gigantic nightmare.
Please be careful and Check, Check, Check .

__________________

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I am also looking into JW Financial's program, sounds very compelling, but I just can't shake that "its too good to be true" feeling. Although I can see how they make money, I am still very concerned.
MactheKnight - Has your experienced changed at all since you made this post a few weeks ago?
sacmoney- have you had another update on your modification? Have you talked with anyone else involved in this program who has had a completed modification that delivered on what they say?
I am really pushing them for a reference, but so far they are not willing to provide one. Any help or additional references from someone who has completed this process would be greatly appreciated!!!!

Countrywide just sent me an approved loan modification.
They want me to sign and return by April 6, 2009 effective May 1,2009 .

I paid 315,000 for my home plus over 8,000.00 for misc fees in Nov 2005 with a 71,000.00 cash down payment.

Nov 2007 the rate adjusted about the same time my wages were significantly lowered and property values dropped. Many homeowners in my area walked out on their properties after gutting them of their upgrades leaving them vacant eyesores.

I contacted Countrywide immediately and began the lengthy process of workout. I worked with many different workers in many departments (Home Retention Dept, Loss Mitigation Dept, Workout Dept and their Hope Dept). I documented every worker, every call, every offer, every decline, every fax...everything! I called regularly for updates. This process began at the end of 2007 to present.

I'm so disappointed with the outcome. I don't have much of a fight left in me and the house is in the middle of vacant homes with dilapidated sale signs on their front lawns (weeds). I don't expect CW to take the hit alone. I am willing to work with them but they are trying to get 100 % of 100% and expecting me to take it all.

This is what Countrywide is offering me at this point: (My home value is about 180,000 )

Original loan: 252,000.00
Interest, fees and escrow total: 46,992.82
Modified Loan: 294,582.90

My payment will change from $1668.11 to $2424.64.

P&I Payment: 2,205.09 (int rate 7.875%)
Escrow: 219.55
Total: 2,424.64

I don't like giving out personal information but I will for those who may be trying to work with their mortgage company only to end up with these type of numbers.
I want to get out from under this mess but I just can't walk away but I don't want to sign this modification either. I may have to contact a real estate attorney but I don't know.


On the other hand JW Financial Solutions may be my oasis (or mirage) in the desert. Their money back guarantee is to help homeowners reduce the principle amount to 25% less than appraised value and the interest to 3% above prime rate (to 6% ??) bringing the payment down significantly.

A friend I know has signed with this company and is waiting to hear from them. There are agents charging 1000.00 + for their services aside from the fee the company charges but my friend went directly through William (Bill) Showen who is not one of the agents and paid only 2500.00.
She just told me that her original loan is with Countrywide and she signed up in December 2008. I wonder if they submitted the request to CW or are needing more loans to submit. Well her home no longer has a sale date and she is not expected to make a payment until the deal goes through (and they have 12 months to do this). I am unsure of how it all works...but one thing I know is that I cannot agree to the loan mod I am being offered and CW's investors most likely aren't going to agree to reduce principle, interest rates or fees.

I don't give out personal info ever so this is hard for me...

@CntrlVllyCA , Welcome to 419legal. Please read this , again and again . and again.

Quote:

Members, please exercise a lot of caution in dealing with any of these types of companies. Check them out with your BBB and do a lot of Google searches. In these difficult economic times many con men crawl out of the woodwork and it is too late to complain when your money has gone. What seems like an answer to your prayers at the moment could lead into a gigantic nightmare. Please be careful and Check, Check, Check .

__________________

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Lvnsacstyle- JW Financial has once again postponed my sale and they told me to go to their website to check out their recently closed deals and it shows on there that the banks did indeed agree to sell the note at a huge discount. Also in talking with them some more I am undertsanding the program more clearly. The CEO explained to me that this a program created by investors for investors and not to help home owners. The fact that we get equity is just part of the investment plan and a secondary benefit. He explained to me that the equity that I receive is the exit strategy that the investors have to have to be able to get their money and return back. They have to give some of the pie to get the bigger piece of the pie is how I took it.
As for an update I was told they are waiting for the Gov't plain to see what is going to happen and that they have the pool submitted but CW's pricing is to high and they are working on getting it low enough. The emailed me this link saying it would give me : w.w.w.moneyandmarkets.com/eureka-the-banking-industry%e2%80%99s-problems-are-solved-2-32610