Loan Modification Felons

HELLO, MY NAME IS GALINA.

WHEN I HAD 4 MONTHS LATE PAYMENTS I TOOK NAME-OMITTED TO MADE A LOAN MODIFICATION. I PAID THEM 1000.00. THEY SWERED THAT EVERYTHING WIL BE FINE AND WE STARTED WORKING.

AFTER WE SIGNED ALL PAPERS, MY “HELPER” WAS CHANGED TO ANOTHER. WHEN I GOT THE LETTER FROM ONE OF MY MORTHGAGES “THE TRUST SALE” I MADE A PHONE CALL TO NAME-OMITTED AND FAXED THEM ALL DOCS I RECEIVED. SINCE THAT TIME AND UNTIL THE LAST WEEK, JULY 26, 2008, ANOTHER “HELPER” CALLED AND SAY THAT EVERYTHING IS FINE, THEY STOP THE TRUST SALE AND NOW, HE IS WAITING THE CURRENT LETTER FROM MORT. COMP..

THE HOUSE I HAVE IN LAS VEGAS – I HAVE TENANTS WHICH THEY LEFT OUTSIDE USA, BUT HAVE TO COMEBACK SOON.   TODAY, 7-31-08 I RECEIVED A PHONE CALL FROM MY TENATS THAT THEY CAME BACK AND FOUND “THE 3 DAY NOTICE TO MVE OUT FROM THE HOUSE, BECAUSE THE HOUSE WAS SOLD ON JULY 9TH, 2008. IT HAD BEEN SHOKED FOR ALL OF US.

I STARTED TO CALL TO NAME-OMITTED, BUT MY LAST “HELPER” COULD NOT SPEAK UNDERSTANDABLE, IN MY OPINION HE HAD BEEN DRUNK, AND THE MANAGER OF THIS COMPANY COULD NOT RESPONDED EITHER BECAUSE HE COULD REMEMBERD THE CASE.

PLEASE, IF IT POSSIBLE TELL ME WHAT I HAVE TO DO NEXT?

I WOULD LIKE TO KEEP THE HOUSE.

SINCERELY, GALINA

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Hi Galina,

Unfortunately, from what I understand, the foreclosure was through power of sale for a deed of trust and the bank now owns the house; Nevada has no right of redemption for non-judicial foreclosure. 

You may, however, have a number of claims against the NAME-OMITTED company that you paid $1,000 to for a loan modification.  In April of this year, Nevada Attorney General Catherine Cortez Masto advised Nevadans of the following:

If you hire a foreclosure consultant, be aware that, pursuant to Nevada Revised Statutes (“NRS”) 645F.400, a foreclosure consultant cannot claim, demand, charge, collect or receive any compensation until after he has fully performed each covered service that he contracted to perform or represented he would perform.  Any charge for services must also be fully disclosed to a homeowner. 

Consumers may contact the Attorney General’s Bureau of Consumer Protection about home foreclosure “rescue” scams at (702) 486-3194 in Las Vegas or (775) 684-1180 in Carson City.

While we’re on the subject of loan modification rip-offs, it has come to my attention that one of the most well known “loan modification gurus” on the internet is a convicted felon who had his mortgage license revoked by the California DRE. 

I’m hoping I don’t hear more stories of companies promising the sky and not delivering; but something tells me I will. 

To everyone: my advice is to call your lender directly for a loan modification and be persistent.  If you decide to work with a loan modification company, then read all of the paperwork carefully and perform your due diligence beforehand – which includes searching the names of the owner(s) of the loan modification company.

Thanks for the questions and hope this helps,

Paul

This author is not an attorney and this information should not be considered legal advice.  Please consult an attorney for legal advice.