Lot of Scam Artists Joining Loan Modification |
A cursory look at both print and electronic media suggests a new proliferation of loan modification services. Most of them by incompetent people who wants to make a quick buck and then disappear again. First of all, this catastrophe is brought by these rouge elements in the first place. There were loan officers who did not know anything about financial statements, how to read various disclosure forms, know anything about TILA or RESPA regulations, had only one motivating factor and that was how to make quick money. They indeed made quick money but look at the end result. The whole country has suffered because of these uncouth and incompetent people.
In my office, I get calls from these loan modification agencies all the time, they needed some kind of legal umbrella where they can work and get a legal shelter. I got a call few days from some California office, where a female caller introduced herself as “working from an attorney’s office”. When I asked her specifically what attorney’s office, she was hesitant to tell me the name of the attorney. When I pressed her, she told me that they are not an attorney’s office but in fact working with an attorney’s office. I recall most of these loan officers in Las Vegas were former valet people, blackjack dealers, people who were doing your landscaping and carpet cleaning services. Then overnight become senior loan officers and branch managers. Folks who had entrusted them, are suffering consequences. Many people I know had sued them, and lots of them are behind jail or had declared bankruptcy. So, I request please do not trust these folks. They have no experience, they have no negotiating skills. They are here only to make a quick buck. Ask them the following questions”
1. Had they worked as a loan officer previously? How would their experience as loan officer help in this modification process. Remember, there is none required for loan modification, and it is different ball game altogether.
2. Do they have a current license from the State of Nevada Lending and Mortgage Division?
3. Do they have a business license from the City of Las Vegas or Clark County?
4. Do they have website? If it starts with the proverbial 800 number, just be wary of that.
5. What exactly can they do and deliver? Ask to get everything in writing?
6. Please do not give any advance money to them? You would never see it again.
7. Do they have telephone area code starting with (702) or (775)?
8. If there is lot of noise in the background, if so, it definitely is a boiler room. Please stay away from them.
9. How soon someone answered the phone. If someone introduces him/her as with some fancy name, vice president, or some fancy title, stay away please.
10. Tell them to have their number, and speak to only one person.
11. Never under any circumstances give any money or any personal information.
12. Be wary of “Attorney affiliated” Attorney based” or something fancy like that.
A broker committed fraud on 3 of my loans in 2006 and I’ve been hearing the news about these modification loans. I just got a call from this number 800-689-7981 and I want to know if this is a legit company that offers modification loans. Please help!
posted 12/29/2008 at 7:35 pm by lorena jimenez Reply
The best thing is to call the Lending and Mortgage Division of the state where you reside. See, if they have any website for the licensed people. Sometime, it has all the licensee information on the webpage. If a broker committed fraud, then you need to see an attorney.
posted 01/09/2009 at 1:25 pm by malik11397 Reply
Terry Law Group PCwith paralegal Magda Mendoza has been offering loan modification process for the amount of 2,500.00. They will act very unprofessional and treat theyre clients unfairly. After one has paid the initial amount of 2,500.00 they will ask for 574.00 every two months to offer one “protection” from the bank to avoid foreclousure however t-is is impossible therefore avoid doing any business with them they are scam artists. Avoid all theyre services theyre phone number is 702-586-8891. adress 4225 S Eastern Ste #11 Las Vegas NV 891119.
Again please avoid being another victim seek other free counselors that can help you.
posted 10/31/2011 at 9:39 pm by ejp Reply
This is not a proper forum for redressal of grievances. You can contact the Nevada Lending and Mortgage Division and send them your complaint. You can also send your complaint to the attorney general.
posted 11/01/2011 at 3:47 pm by malik11397 in reply to ejpReply
I am sorry this is not the right forum for your complaint. You can address the complaint to Mortgage and Lending Division, State of Nevada.
posted 11/09/2011 at 7:00 am by malik11397 in reply to ejpReply
Lot of Scam Artists Joining Loan Modification |
A cursory look at both print and electronic media suggests a new proliferation of loan modification services. Most of them by incompetent people who wants to make a quick buck and then disappear again. First of all, this catastrophe is brought by these rouge elements in the first place. There were loan officers who did not know anything about financial statements, how to read various disclosure forms, know anything about TILA or RESPA regulations, had only one motivating factor and that was how to make quick money. They indeed made quick money but look at the end result. The whole country has suffered because of these uncouth and incompetent people.
In my office, I get calls from these loan modification agencies all the time, they needed some kind of legal umbrella where they can work and get a legal shelter. I got a call few days from some California office, where a female caller introduced herself as “working from an attorney’s office”. When I asked her specifically what attorney’s office, she was hesitant to tell me the name of the attorney. When I pressed her, she told me that they are not an attorney’s office but in fact working with an attorney’s office. I recall most of these loan officers in Las Vegas were former valet people, blackjack dealers, people who were doing your landscaping and carpet cleaning services. Then overnight become senior loan officers and branch managers. Folks who had entrusted them, are suffering consequences. Many people I know had sued them, and lots of them are behind jail or had declared bankruptcy. So, I request please do not trust these folks. They have no experience, they have no negotiating skills. They are here only to make a quick buck. Ask them the following questions”
1. Had they worked as a loan officer previously? How would their experience as loan officer help in this modification process. Remember, there is none required for loan modification, and it is different ball game altogether.
2. Do they have a current license from the State of Nevada Lending and Mortgage Division?
3. Do they have a business license from the City of Las Vegas or Clark County?
4. Do they have website? If it starts with the proverbial 800 number, just be wary of that.
5. What exactly can they do and deliver? Ask to get everything in writing?
6. Please do not give any adv
ance money to them? You would never see it again.
7. Do they have telephone area code starting with (702) or (775)?
8. If there is lot of noise in the background, if so, it definitely is a boiler room. Please stay away from them.
9. How soon someone answered the phone. If someone introduces him/her as with some fancy name, vice president, or some fancy title, stay away please.
10. Tell them to have their number, and speak to only one person.
11. Never under any circumstances give any money or any personal information.
12. Be wary of “Attorney affiliated” Attorney based” or something fancy like that.
A broker committed fraud on 3 of my loans in 2006 and I’ve been hearing the news about these modification loans. I just got a call from this number 800-689-7981 and I want to know if this is a legit company that offers modification loans. Please help!
posted 12/29/2008 at 7:35 pm by lorena jimenez Reply
The best thing is to call the Lending and Mortgage Division of the state where you reside. See, if they have any website for the licensed people. Sometime, it has all the licensee information on the webpage. If a broker committed fraud, then you need to see an attorney.
posted 01/09/2009 at 1:25 pm by malik11397 Reply
Terry Law Group PCwith paralegal Magda Mendoza has been offering loan modification process for the amount of 2,500.00. They will act very unprofessional and treat theyre clients unfairly. After one has paid the initial amount of 2,500.00 they will ask for 574.00 every two months to offer one “protection” from the bank to avoid foreclousure however t-is is impossible therefore avoid doing any business with them they are scam artists. Avoid all theyre services theyre phone number is 702-586-8891. adress 4225 S Eastern Ste #11 Las Vegas NV 891119.
Again please avoid being another victim seek other free counselors that can help you.
posted 10/31/2011 at 9:39 pm by ejp Reply
This is not a proper forum for redressal of grievances. You can contact the Nevada Lending and Mortgage Division and send them your complaint. You can also send your complaint to the attorney general.
posted 11/01/2011 at 3:47 pm by malik11397 in reply to ejpReply
I am sorry this is not the right forum for your complaint. You can address the complaint to Mortgage and Lending Division, State of Nevada.
posted 11/09/2011 at 7:00 am by malik11397 in reply to ejpReply