james
i just wanted to let everybody on this on an expericence that i have just
encountered within the last year. My wife and i had purchased our dream home back
in the summer of 06. Like all families we were both excited about the home itself,
and the fact that we were going to live out the american dream. We went through
the whole process with our broker, i felt excited, yet at the same time still worried.
how am i to pay back such a large loan (630k) the total income for the family was
around $4,500, but with 3 kids, only one can imagine the position we would be in from
the begining!!! Our broker had assured us that "It is definately a tough scenerio
but he guarnteed that he can make it work and that we would get the loan."
We got the mortgage aite, originally it was agreed the interest rate would be at a
6.5 At a fixed rate. At the signing of the documents, we signed with happiness
because we truely believed that we would be able to survive!
A month later we recieved our 1st statement, $2,131.15!!! It was 400 more than what
was agreed on! we immediately called our broker and told him of this mishap. He told
us that "we can refiance the home in the future at a lower rate, lender is offering
this right now but we will be ok"
Months passed, we struggled. It was difficult to manage with children and sudden expenses.
I called the broker again, only to find out... he is no longer around. my wife was
starting to panic i assured her that we would be able to manage this together.
We struggled for close to 2 years, everyday it was the constant battle with the lender.
We requested for a refiance, but since our income didnt meet the requirements, we
were denied. All the phone calls we gettin us nowhere!
We finally fell behind, then the calls started. the lender called us harassing us for
our payments and even threatened foreclosure. Even tho we were waiting for an offical
response from them! one day i went online and put my information down for a loan modification.
i figured since bush's and obama's programs were not helping me, i needed to do something.
i encountared alot of loan mod companies promosing the world to me, i was about to give up...
when someone from www.foreclosurepreventionplan.com called me. I told the Rep (Rick), to leave me alone.
I know what he is trying to sell me and i was already trying to decide with 3 other companies.
He told me that he does free modification. Now, this was different... the other companies were
charging up to 5k for mods. i asked him "how is that?" he told me "its all taken care of the
back end."
So i listened to what he said, he mentioned a Forensic Loan Audit. I had never heard of that.
He explained to me that lenders were taken advantage of home owners during the years of 01-08.
which makes alot of sense, because my loan was different from what i signed!!!
I was convinced, legal leverage as opposed to financial hardship, i have to get a modification now!
the process took close to 90 days. not going to lie, i was nervous lol
but www.foreclosurepreventionplan.com had great communication with me through the whole process. When i finally got the audit,
they had found 2 major violation in TILA! They explained to me everything i had to know
about the report and it was sent to my lender.
With 2 weeks, i got my modification, it was a 3.5% and my payments were cut in half!!! every payment
i missed, was deferred to the end of the mortgage!
Thank you Foreclosure Prevention Plan!
If anybody may feel that the lender has wronged them or even if you think they didnt...
i would suggest to call them it will be your best call yet!
hardeep
danny Ghiassi
joyforlife
We were in the same boat as many and looking to have our ARM loan modified. We were contacted by U.S. Loan assistance center out of CA and the guy pitching assured us our loan was "exactly the type they could work with". We sent them $1,500.00 and within a week, couldn't get a call back. Two months later they informed us there was nothing they could do for us and we were just out the money.
We then contacted our bank and did our own loan modification within 2 weeks.
U.S. Loan Assistance Center (USLAC) was a HUGE RIP-OFF!!!!!
Posted: November 10th, 2009 | Report This Comment