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loan modification possible scam?

I need help.  I have been in contact with a company that said that they are able to help me with a load modification.  I gave them all our information, hardship letter, copies of bank statements, budget report, ect.  most importantly a check in the amount of $2700, which was their fee.  I have left them messages, and now all the numbers to this company have been disconnected, and I have no idea what to do...
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April 30 2009 - US
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Replies (24)

Contact your local and state regulatory agencies (dept. of Finance) to file a complaint, contact an attorney or have one recommended to you and, since may be and it sounds like a felonious act, file a police report.
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April 30 2009
I second what Marcelo said. For future reference... HUD has free housing consultants that will work with you and help you figure out a proper solution to your problem. Go the the HUD website to find a list so such people in your area.
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April 30 2009
In my humble opinion, communication is the number one priority of any loan modification company. However, it sounds like this one was shut down. They were probably following illegal practices. Find out what legal action is being taken against the company, if any, you may be entitled to compensation if the company has to answer to litigation.
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April 30 2009
To add to that, I would also contact your state attorney general. Most atty general offices have a consumer fraud unit. If the company was based out of state, contact the attorney general from that state as well. Just google 'state of (whatever state) attorney generals office.
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April 30 2009
Did you say possible scam?
Never pay any upfront fee!
Do your homework first before doing business with any company. Some good questions to ask might be. Are they a member of the BBB? How many years in business? Do they take any upfront fee? Do your Due Diligence. Check them out!
What company? What website? How did you pay them?
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April 30 2009
Dear - I am so sorry.... there's a lot of this going on.  I for one am doing my best to try to get the word out:

[content removed by moderator for being self promotional]
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April 30 2009
You got ripped off.   You should of researched this before you sent them any money. 
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April 30 2009
Profile picture for supergirl1613
Beware of some of the so-called loan mod specialists and programs...while there are legitimate ones out there, there are unfortunately also a lot of scammers that are trying to take advantage of people in hard times. You can technically do your own loan modifications, but that's a huge risk unless you know exactly what you're doing. Have you considered talking to an experienced loan attorney? Because of the State Bar standards, the risk is greater for an attorney to take your money and run because the likelihood of getting away with it is much slimmer. On top of helping you with your loan mod, you can also get advice about what to do with the company that scammed you. I've heard The Castle Law Group is good and they have a lot of info on their website. For future reference, it's key to do research on a company before doing into business with them.
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May 01 2009
Profile picture for lemaudit63
what was the name of the company?

Don't listen to insensitive dolts like Wilkins (nice comment dude)

There's been a lot of traffic on Huff Post about these scams and the gov't has dumped a lot of funds into fighting it. Contact your state AG office.
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May 01 2009
was this company in Ontario,ca? I did loan modifications for a Company named Loan Secure. Paul Pope is (was)the Owners Name. He actually took off without paying any of us(about 10-15 employees) and lord knows what he did with the clients that'd given their fee.At the present, all employees,including myself have filed a class-action Lawsuit against him.
I'm sorry to hear that you've fell victim to this crime.
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June 12 2009
Scammers on the rise in Cali for one.
There were approx. 300 Loan Mod. Lic. distributed. There are well over 5000 offices claiming to be fully Lic. to perform this service. That's just CA. Think how many scammers there must be around the world. The same Lenders,Banks,Broker,LO'S... that are claiming they'll help you are the same suckers that sold you the toxic deal. (Things that make you go,hummm).
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June 12 2009
Sounds rough...contact your state regulatory agency and reprot them. That is your only course of action to try and get your money back. My current client was scammed in a similar manner for 2900 from a company called FHAallday. The phones were also disconnected. This was in Boca Raton, Fl. She even went down there to the offices to see what was going on. She found nothing. Only attorneys and approved DRE organizations can collect advance fees. Make sure if you move forward with another company you research the attorneys as to make sure they are legitimate.Best of luck.
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June 16 2009
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Yikes. For others reading about this, I work for a company (FICO, the credit score folks) that backs a service that is 100% trustworthy. FICO and and the nonprofit Homeownership Preservation Foundation have launched www. mortgagereliefonline.com to help people assess their eligibility and articulate their case for assistance. Situations where you have to submit money are suspicious - mortgagereliefonline.com is 100% free and we work with HUD-approved credit counselors. Hope that other community members can benefit.
Paul
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June 16 2009
Profile picture for maldives007
Christopher seems to be using a technique here to grab attention to certain extent and promote himself. does this not seem to be a propaganda?
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June 16 2009
Frant it might be a good idea to post the name of the company you are having this trouble with.  One of the professional on this board might know them.However, I would not let this lost stop you from getting a loan modification, keep fighting.  However, in general here are a few things one might  consider before selecting a loan modification company:
1. Do they collect a fee before providing any services.
2. Collect money only by cashiers check or wire transfer.
3. Encourage you to lease your home so you can buy it back.
4. Offers to purchase your home for a price that do not reflect the market. 
5. Pressure you to sign paper work that you don't get to read or understand.
6. The business doesn't have a physical address.
7. Tell you not to pay your lender any more money.
8. Tell you they will fill out the paper work for you. 
9. Not on the Better Business Bureau good list.

For more help call 888-995-HOPE  they also do it for free. Hopenow  is  HUD approved. 
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June 16 2009
Like a bad penny!
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June 16 2009
Profile picture for kerrija
well i can tell you that i tried going through my lender and they gave me a runaround for 7 months and then finally approved my loan modification.

then.... they took another 2 months just to get the loan modification details to me and it was for 1year then back to what i was paying before but because they took so long and my payments were stacked up they put the arrears back on the loan so my "loan modification" actually went up!!!!
i ended up paying 58 dollars more per month after the modification. i was told that i wouldnt be able to modify it again for a year but i ended up going with an outstanding law firm that cut my payment in half and they were very kind and well worth every penny!! I spoke with bob and he didnt push at all and gave me all the license information to look up on the state bar website. the name of the firm is the al verdi law group in california
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June 18 2009
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September 17 2009
Call your lender or lenders to see if they have any contact from the company. Send a certified letter requesting a refund to the entity. Contact the attorney generals office from your state and file a complaint.  Attend a free meeting with a foreclosure defense law firm or a well recommended modification company. If you are in foreclosure, you should act quickly.
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September 18 2009
I agree, contact BBB and Attorney General.  Also, if it is worth while, but it may be to expensive is to contact an Attorney for help.  Also you can write your comments on rippoffreport.com as many consumers go to this site to evaluate whom they are doing business with.

It also give the company whom you say ripped  you off a chance to reply on their behalf on the site as well.  I do see comments out there that sometimes are just misunderstandings or miscommunication. 
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September 19 2009
Where is this company located? Check with the according State Attorney General and see what the status is for that company. I know if they are CA based, you can go to the DRE and see which companies have been shut down. Hope you can get some restitution...best of luck
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September 21 2009
Just so you are aware there are great companys out there that aren't scammers see this success story http://www.callalms.com/blog/2009/wachovia-attorney-loan-modification-success-story-laguna-beach/
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September 22 2009
Profile picture for razmikv

Please do not trust Al Verdi Law group your money. They were smart enough to put a hand writing in my contract stating that a refund will be issued if they cannot modify my loan due to lender lack of participation. I took them to the small claims court a year after signing that contract and lost the case because the fact that the lender participates in loan modification programs, however, the judge missed to take in consideration that they had not done anything they were hired for and also the fact that I had never met or talked to an attorney and had to deal with unprofessional none attorneys for the past 12 months

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September 13 2010
Yes, unfortunately there are a lot of scams out there.

Loan modifications can be done on your own.

Goodluck!
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September 17 2010
 
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