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It became illegal for such companies to charge fees up-front for loan modification services as of October 11, 2009.
Prior to October 11, 2009, PRO CITY MORTGAGE charged a sum of $3990.00 in advance fees for loan modification services backed up by a heavily-advertised MONEY-BACK guarantee if they failed to deliver a loan modification for their customers.
Now that the company has allegedly closed their doors, they refuse to honor their money-back guarantee to all customers -- even those who paid the up-front fees prior to 10/11/2009. They now claim they did work on the files and TRIED to get a modification (but were unsuccessful) and therefore they are due payment for the work they provided. This is not true. They never negotiated a loan modification with my bank -- not even close.
This company operated a bait & switch scam. They baited consumers (who were desperate to save their homes) with great advertising, money-back guarantees, apparent knowledge of the mortgage industry and ability to secure a good loan modification much faster and easier than the general public could ever accomplish on their own. Once the customer signed the loan modification contract and transferred the $3990.00 to Pro City Mortgage, virtually nothing happened on the file. Stall tactics were employed over & over. Promised telephone calls re: updates & progress were never made. Customers were required to repeatedly call for status updates themselves only to be told to re-submit previous, new & duplicate documentation over & over again. Each month a different Pro City Mortgage agent would be handling the file. Each month a different person at the bank would be handling the file, according to Pro City Mortgage. No one (especially the customer) knew what was going on with the loan modification file. In my opinion, there was never any attempt whatsoever by Pro City Mortgage to negotiate a loan modification with my lender during those 11 months. I can find no evidence with my lender that Pro City Mortgage ever accomplished anything on my behalf toward achieving a loan modification of any kind.
It was just a scam. Someone needs to go to jail.
