Investors Finance Inc. -HOMR Program review: Scam 173

Mike Monaco has passed away from cancer.

hmmm, i wondered what happened to IFI. i had a client set to go with IFI, but i could tell that IFI was not likely to do the work. so i just did the work myself. amazingly, my first and only note purchase to get a principal reduction for my client worked. i bought the note for 40% or so of its face value, the client was left with 60% ltv based on an appraisal from a 30 year veteran appraiser in the area, and a payment more than $2500 less. imagine being out of the money over $200, 000, embroiled in an 18 month deadlock with the lender, foreclosure looming, claims flying around, etc, and wake up one day *in* the money by $200, 000, the old lender is long gone and the nightmare is over? i wish i could do this for everyone. but the reality is to pull this sort of thing off depends on a set of highly specific circumstances. what IFI didnt know (or pretended not to know) is what i discovered in the process of helping my client. it is amazing to me that the one thing any person in business needs to do that will help them stay out of trouble is just tell the truth up front. "This might not work. The probability of success cannot be measured because there is not enough data to reach a conclusion. On paper, we love the model, but in practice we can run into a dead end. so if you want to move ahead and put money on the table, be aware that you are likely not to get the result you are hoping for, even though we will pursue it to achieve an exceptional result" etc. how many sales will you get speaking like that to a client? maybe not so many, but then you always end up with great clients, no problems and money nobody shows up to take away from you. But how many ppl prefer someone to lie to them and sell them a false promise? lots. most ppl love lies, and there are plenty of salesmen to meet the demand. i would rather sell less to ppl that can handle the truth. and if i do a good job, sometimes i just get lucky, and it feels great to win one for a client.

Amazing, Monaco got away with it, and I am afraid Patrick Savage lied to you Oswaldo, none of us got our money back. The justice system failed us too, how frustrating.

TODAY IS OCTOBER 9/2011 I HAD BEEN TRYING TO GET
IN TOUCH WITH PATRICK SAVAGE, HE TOLD ME I WAS
GOING TO GET MY MONEY BACK, NOOOOOOOTHING
AND I THINK MIKE MONACO IS IN HAWAII

I beleive that towards the end most of the people who worked with him knew that he was a fraud and robbin innocent people, but they chose not to let that out to the people and still collected rent money on the properties that they never owned. Eventhough Mike is no longer with the company, I am surpries that thier sister company Fireside Equity the one who suppose to purchase these properties is still up and running. Well from all of us let's pray and wish Mike a Horrible death so he can sell his HOMR plan in Hell.

The only time I ever saw Mike Monaco was when he was being interviewed for T.V. in San Diego, I saw a man squirming in his seat as he tried to tell one lie on top of another and worm his way out of some uncomfortable questions. I feel bad for those that were duped by him. I spoke to him twice by phone and received some emails, he sounded so sincere and honest. His family too must be suffering and that is a shame. I am glad IFI is shut down, but it doesn't help those of us that believed in him, knowing we don't have any chance of getting our money back. I am fortunate that we didn't sign over our house to him, my husband and I didn't like the way the plan was set up, it had red flags all over it, especially the part about sending money every month to a trust fund. At that point we new all was lost and we went forward with the short sale. What goes around does come around, I just hope in this case it is Mike that pays the price and not innocent bystanders that trusted him.

Investors Finance has been shut down and Mike is no longer running it out of the Rancho Bernardo office. To bad the poor souls that signed their houses to him have to deal with the mess that hurricane Mike Monaco left behind. Once he is gone the mess will be left to his family, who have never been involved in his shady business transactions. It is very sad that there were so many people that worked for Mike that really believed in him, and really thought he was going to help people save their homes. The truth is most of the people that worked for Mike didn't know he was lying, they always held that straw of hope that some how he would come through and everything would be ok. But when he started getting greedier, greedier and things looked worse and worse people began to bail, what could they do. Mike was a run away train, soon to become a train wreck, the people just couldn't stop him or make him fix everything. Mike is not a person that you can talk sense to, the only thing he listens to is the sound of money being deposited into his bank, even if it is stolen money and he has no intention of ever paying it back or coming through with his principal reduction program. Mike is a thug in a suit and the only thing that will change that is meeting his maker, which ever one that is.

The last post was taken from another site, and I am not the author. I just wanted to add it to this thread, because of how important it is. Keep up the good work guys, Mike is going down, and I must add that it's going to be painful. But he made his bed and now he has to sleep in it. The good Lord shall prefail.

I referred clients to IFI with the promise of the HOMR program. I felt the idea was not only great but it would help a lot of homeowners, I have been going on this site from time to time reading the complaints and voicing my concerns to my IFI rep but I was always given an excuse as to why things were moving so slow. I didnt feel that this was a scam because IFI had strict underwriting guidelines and if they were only interested in the upfront fees why be so picky?
Now I definately feel that IFI is a scam because my client just recieved a "Revocable Trust Agreement". If any IFI clients get this DO NOT SIGN IT. consult an attorney. I didnt understand it, so I contacted IFI with all of my questions. The guy couldnt give me answers and got frusterated when I kept pressing him, he eventually hung up on me. What made matters worse is every IFI rep that we spoke to couldnt address any of my questions or concerns. I felt very uneasy and advised my client to have an attorney read it. Luckily they did, and basically the attorney explained that by signing this agreement the homeowner would change the title of their home over to a Trust. (this would help delay the foreclosure process and is considered fraud) It gets worse, the client would than start paying the "trust" everymonth. This is the payment that is equal to 8.75% of the value of the home. The homeowner is also signing a lease to the Trust, so if they do not pay the "rent" the TRUSTEE (IFI) has the right to evict them as they own the home.
The problem to all this is THE HOMEOWNER WOULD PAY THE TRUST (IFI) WHEN IFI HAS NOT PURCHASED THE HOME.

Contact the California State Attorney General's office.

The complaint website is http://www.ag.ca.gov/consumers/general.php DO IT NOW!

The sales pitch that IFI used to induce brokers to solicit there clients for their service is absolutely ridiculous. Let me give a few reasons why:

1. There is no secondary market. Fannie and Freddie are basically it. If there was a hedge fund or insurance company that would allocate asseture to purchase bad loans do you think IFI is the company they would be dealing with? Of course not.

2. If you WERE purchasing mortgage assets would you purchase sub-prime, default notes (min 60 days per their guidelines), with homeowners underwriting only to a front end DTI? You would have to be incompetent to think that is o.k.

3. As far as I remeber 2/28's were essentially banned in 2007. Nobody was buying them and lenders stopped funding them because wall street did not want them. No matter the level of barbelling these loans you can only hide so much. IFI's initial product was a 2/28 at roughly 8%. Why would wall street or a private investor buy loans from IFI on the very program they were no longer willing to buy just a few years ago WITH a verified defaulting borrower?

4. Lastly, Why take $795.00$1695.00? Here is IFI's financial agreement...IFI would pay it's brokers 3% of the new loan amount at closing for bringing them the client and closing. So on a $400k mortgage the broker would be entitled to $12, 000. Now I am assuming that IFI was receiving at least 3% as well on a closing. Why would risk those types of profits to violate the California Civil Code, Newly enacted legislation (SB 94) and about 9 other state laws when you could get 5 times the amount of files by charging $0.00 upfront? The answer is you wouldn't.

I have to say this. In theory I think this is a great idea. Buy bad notes, give clients new loans based on the actual values of their homes at fixed rates, even if it's at a high rate. The problem is the execution. Misrepresentation, bad business practices and fraud are laced all through this. These are the types of things the boys from Virginia (FBI) come to visit you about at home Mr. Monaco. If IFI was smart they would contact every homeowner they have contracts on refund the money that they were paid and beg Jerry Brown doesn't make an example of them during his campaign.

THESE ARE FROM http://www.stopfraud.gov/report.html#mortgage

To report Mortgage Fraud or Loan Scams:
Federal Bureau of Investigation
Phone: 1-800-CALLFBI [protected])
Online Tips: FBI Tips and Public Leads Form

To file a complaint with the FBI contact the nearest FBI field office. Locations are listed at www.fbi.gov/contactus.htm or https://tips.fbi.gov/ or for major cases, you can also report information by calling toll-free number 1-800-CALLFBI [protected]).

Housing and Urban Development (HUD) Office of the Inspector General Hotline
Phone: [protected]
Fax: [protected]
Email: hotline@hudoig.gov
Address: HUD OIG Hotline (GFI), 451 7th Street, SW, Washington, DC 20410

PreventLoanScams.org: A project of the Lawyers’ Committee for Civil Rights Under the Law
Website: PreventLoanScams.org
Phone: [protected]-HOPE

PreventLoanScams.org - was launched to serve as a nationwide clearinghouse for loan modification scam information on complaints filed, laws and regulations, and enforcement actions. If you think you’ve been scammed or approached by a company or individual promising to help you with your foreclosure, report it today.

Federal Trade Commission (FTC): Complaint Assistant
Web Site (Spanish): https://www.ftccomplaintassistant.gov/Consumer_HomeES.htm
Phone (for complaints against companies, organizations, or business practices): (877) FTC-HELP
Phone (for complaints about identity theft): (877) ID-THEFT
Email Address (for complaints about spam or phishing): spam@uce.gov
The Federal Trade Commission collects complaints about fraud, companies, business practices, identity theft, and episodes of violence in the media.

Thanks for the update, I have not heard anything for quite awhile now. It is very disturbing to know Monaco is still about, hopefully too sick to continue any more harm to innocent people. For my part, I will not give up, and I hope that there is some kind of justice for him and all the others involved.

I agree with Heather and i m very sorry to hear that you guys lost your house because of people like Mike Monaco. Justice needs to be served, after all we all live in America and not in some corrupt nation where this is a natural practice. I was so glad when I read on IFI's website that how they were very sad that Mike Monaco is no longer with the company. I thought that SOB died and i was about to celebrate but found out that he hyst left the company and his fat disgraceful body is still wondering on this earth. I am sorry to sound so harsh, but all the money that all of us paid to this guy was a hard earned money and didn't come from robbing people, like he does. Latest I heard is that his cancer came back and he had to quit, so i guess Mike is going to be in a place where he belongs (Hell). Everyone who worked for him and knowingly scammed people deserved the same. You know who u are, PAtrick Christina, Robert Cordova and especially the ### Patty torres( who knowingly doesn't return phone calls). People let's not give up and keep this blog going, so God can listen to our prayer and do some justice. And also in a mean while let's contact FBI as well since they raided thier office once, I am sure they already know what is this guy up to.

So glad to hear that people are still on this, I lost my home and therefore have been busy getting situated in a rental. I threw out all the lovely photos of my house from when it was being built, pool put in etc. it causes me so much pain to look at them. Mike Monaco and IFI gave me false hope and they took money from me, the bank then took the house and sold it to someone for cheap, my husband and I put our life savings into that house and we loved it so much. We fought until the bitter end to keep it, but to no avail. The fact that people are profiting off other people's misfortunes is a disgrace, and I hope to hear that something has indeed happened to him and his cronies. He promised a refund and of course that never happened, the effort that I and others put into bringing him to justice also failed, it is disheartening to think that he has probably got away with it and there is nothing else we can do. Mike, if you are reading this, remember, God doesn't pay his debts back with money.

I believe these A**holes officially quit or were taken out bysomebody, because no one answers the phone calls or returns the e-mails. God is watching people, if you robbing people to feed your kids or pay for you luxuries then you will bear the consequences also. Because we know someone who knows where some of you A**holes live. Start watching your back...

I was calling from last 2.5 months and sending followup emails and there is no response .Could not get hold of live person.
Any other advice how to get the amount refunded.

By the way, the Account Executive that came to our office pushing this BS program has officially quit. He (George Hamilton) informed me that Pat Savage (his boss/Vice president) never bothered to even return his phone calls when the news covered this scam. For those of you looking for answers Pat's phone number is [protected]. He is the highest person that I could fine besides our little friend Mike Monaco.

Wow! I posted my experience with IFI on page two. Someone named "Flipo" kept challenging my detailed facts of this complete fraud. Now there are 9 full pages of the exact same story. Now "Flipo" is trying sell people another principle reduction scam? Here's what I know, "Flipo" was an employee of IFI. When it got too hot in the kitchen, "Flipo" bailed and now he has the balls to scam other people. Hey "Flipo" why not apologize for taking part in this scam and expose Mike Monaco? I want to personally thank "The Coach" and "Heather Molinari" for doing all of the leg work to stop this BS. Now there's a "Pedro Fernandes" putting up the same type of posts. I personally think that "Pedro Fernandes" is Mike Monaco. Hey Pedro, if you're a real person, why don't you prove it by posting a link to your Facebook, Website, or anything with some credibility? I'll tell you, because you work for IFI and you are liar. Prove me wrong. You can't because you're nothing. What's next, pushing over old ladies and stealing their wallets? Read the threads, total scam! If anyone wants to do something besides vent on this website, please contact me @ michaeles3@yahoo.com. I'm actually a real person, not a puppet for Mike Monaco. Attached is my picture in case anyone would like to challenge my existence.

I have been working with Investors Finance for over 6 months now and approaching a Foreclosure date on my house. Investors Finance can not give me a closing date before Foreclosure proceedings. I contacted my bank today and they have never heard of Investors Finance and Investors Finance has not even contacted them about my Home mortgage, now I'm going to have to come up with over 6 months of payments to save my house. Please be aware of this SCAM !

Heather just keep forging ahead and don't give up. Maybe call the IRS, EDD, FBI, Attorney General Kamala D. Harris, and of course the DRE. I think you have to just keep on doing it until something happens. Maybe you will be the angel that will put Mike out of business since he is always touting that he is such a holy man. When he gets to the pearly gates it will say closed to scam artists.

I can't believe it, he is still in business ? moworkv, you have first hand knowledge of the real Mike and got scammed by him as a rep. that was working for him. It is outrageous that he continues to prosper after all this. What else can we do ? I am willing to go on fighting, slippery guy he is and he needs to be shut down.

Because Mike is a smooth talker and most of the people he has working for him are in legal trouble in one way or another and no one want's to get in trouble. And the people sending him money I fear don't speak any English so they don't know how to investigate who they are sending money to. It seems even the reporter who was trying to stop him has given up. There needs to be someone who won't give up and put him behind bars where he belongs. Mike will keep getting away with stealing peoples money as long as they allow him to do it. But if you are serious then go for it, nail him to the wall. Just remember he is a slippery guy.

To all the people who got scammed. I am so sorry, I too got scammed. I was hired as a wholesale rep to send in clients from broker's offices. I am so pissed because I was so sure that this was a legit company. Mike Monaco would hold team conference calls with Scott Smith and share his soppy story of how he beat cancer and now wanted to give back to people. He told a good story and fooled me big time. I totally believed that we were doing good for all, banks, homeowners and investors win/win for all involved...The real tell tale sign for me is I never got paid for my work! When I started to complain...Scott Smith quit, and Mike Monaco never returned my calls and P. Savage says only Mike signs the checks and my check was on his desk. But I never heard from Mike even though I threatened to call the labor board and DRE and sue him for breach of contract. I have emails as proof...now I'm getting calls from clients saying they did not get results for the money they paid! I will join all complaint efforts and try to get these poor clients their refunds...but if the FBI raided Monaco's office why are the phone lines still working and why is the website still up? Does anyone know?

Did you call:
[protected] ext: 300 or [protected]

If you read the whole thread there is a lot of information on how to make a formal complaint, because most agencies don't do anything until they have a certain amount of people filing law suits. If you want to make Mike accountable for his actions then you need to go after him.

IFI - Mike Monaco should familiarize himself with the Bernie Madoff case to see what happen to bad people. My wife has left voice messages to return our call and yet has not receive any calls from him. When we called IFI main telephone number, we get a disconnection message.

Thanks Coach just wanted to let you know I've read the complaints the last 3 months and really appreciate your effort and shared opinion and knowledge on these frauds. I have played role in contacting DRE as well as the FBI over a couple months ago.See I signed up for HOMR+ back in Sept 2010 " extremely distressed " over losing our home. I was ready to short sale anyway because overall I knew that being upside down on home you look at it as time to cut the loss. I got cold feet the day after I signed up, they told me it was a HUD backed program and I would receive a call from them 5 days after the transaction.Never got a call from HUD so then I made several trips for face-to-face appointments, and yes every time I got through to someone, it seems every employee/lawyer/broker blah blah is a cancer survivor I just wasn't buying it, I would not say anything to them but these words I WANT MY MONEY BACK, THE TERMS OF THE REFUND POLICY CLEARLY STATE " WITHIN 30 DAYS" I HAVE BEEN ALL OVER THIS FOR SOME TIME, I MADE NOT BE AN EXPERT BUT I KEEP GOOD RECORDS...OH AND FOR THE RECORD I DONT GIVE MY CLIENTS SOPPY EXCUSES TO MAKE A SALE...IF CANT COME THROUGH ON A DEAL MAN UP ! REFUND PEOPLES MONEY !EVEN YOUR OWN COLLEAGUE STATED TO ME THAT YOU WILL GO TO JAIL MIKE...BASICALLY AT THIS POINT I WILL CONTACT THE FBI AGAIN, AND IF ITS TRUE THAT IFI GOT RAIDED THEN THEY HAVE RECORDS OF MY FILE AND I HAVE MUCH NEEDED DOCUMENTATION TO ADD TO THE FIRE

He is still in business and still taking rent money from people that have signed their life I mean deed of trust so that they can now send the evil monster rent money every month only to be told in the end that Mike and IFI are a fraud.

Coach don't give up the good fight or this will go on forever unless people like you and I keep the candle lit until he actually goes down.

But I do wish you and everyone involved a very happy new year.

Call the FBI... the Feds raided IFI a couple of weeks ago and seized all of their computers and files... Register with them in case any class action suit or recovery stolen funds
Also COntact the California Department if RealEstate... they have a case pending Against Michale Monaco for fraudulent activities regarding his broker license.
I will you any everyone the best in the New Year and thank you for participating to help facilitate justice and close down a fraudulent operation.
Time for me to move on!
a
Sincerley... The Coach

I called Patrick couple of times and left VM and sent emails requesting for refund and there is no response from them.
Also when try to reach operator goes to VM.Are they closed or still operating ..
Any idea on how to get the payment back .I have already submitted for refund through the Attorney office 2 months back with no response ..

This is a SCAM, first the take your money, and do nothing to negotiate with your bank...meaning they spend your money at their will. In the meantime the bank continues their process while you are thinking IFI is negotiating...next thing you are in foreclosure and if you read the contract with IFI they will not return any penny if you go into foreclosure. SCAMM to the n degree...file a report against them ASAP with FBI and do a civil suit against michael monaco Lic#[protected] and the other participants of this SCAM, James Gordon Kelly, Kenneth Alan Opppeltz, Mark Dennis Caton, Truong, Eugene Calvin Cliengman...

IFICustomer and everyone that has done business with IFI Mike Monaco, Mike will keep taking money from vunerable people as long as they keep giving it to him, because they don't do even the smallest amount of research. It makes me sick to my stomach to see how many poor souls Mike has taken advantage of in the name of God and Mike doesn't use the money wisely he spends it on foolish spoils to further dig his grave. The only way for him to be stopped is for him to be put behind bars and he may be to slimy for even that.

I, too have been scammed from this company!

June 2010: We signed up with this company based in Stockton (US Loan Specialists) who said they can help with a principal reduction. I paid them $4500. They introduced us to IFI.

September 2010: US Loan Specialist owners were arrested for fraud. IFI stepped in said that although they haven't received my file they will step in and help me and said "NOT TO WORRY", that they were not responsible and were unaware of US Loan Specialist business tactics. They gave me a sermon about how horrible that US Loan Specialists did this to us and that they will help right away. I paid them $1695. (I deposited the money into an account at Wells Fargo that the lady at IFI gave me: Anybody ever talk to a person by the name of Lonica?)

Oct/Nov/Dec 2010: I would call Lonica at the beginning of the month just to check in and she would assure me every time that they are still working on my file and not to worry. We received a default notice in Oct. and she said not to worry because the banks are so backed up right now they will not foreclose on your house for another 6 months and that we had plenty of time to keep waiting for the IFI Principal Reduction Program to kick in.

Dec 20, 2010: We get a call from our lender to let us know that there is a Trustee's Sale Date in Jan. and that our house will be auctioned off. I call Lonica and she tells me that as of two months ago she no longer works at IFI but that she knows for a fact that they have my file. I found some numbers to IFI on the web but of course half of them are disconnected and the other half request to leave a message. If we don't come up with the money to pay back the lender, we will lose our house.

Someone on this thread said: "I blame myself" and I agree! I, too, blame myself for being so naive. Throughout my life I have had my ups and downs and the one thing I have always had faith in is: KARMA. What goes around, comes around. All the people involved in one way or another, directly or indirectly, with this scam will eventually pay for what they have done.

People Like Mr. Monaco need to Burn in Hell..These Mother F***** take advantage of people who are vulnerable and need help...I hope u Rot in Hell Mr. Monaco and if you r so clean then come out and help people as you and your so un-professinal company promised.

This is justice served! http://bit.ly/fXm7aE

Maybe the feds should be looking in Oahu, HI... He can't hide forever...

Thanks for the info. I live in Las Vegas and can't get there, but I do have relatives in San Diego that will go check it out for me.I am sure Mr. Monaco is long gone.

The only way to get your money back is to go into his office:

16870 Bernardo Center Dr. Suite 220
Rancho Bernardo, CA 92127

However he might not be there anymore since his office was raided by the FBI! Of course Mike was MIA.
http://www.signonsandiego.com/news/2010/dec/16/offices-investors-finance-raided-feds/

Yes, please let us know how it turns out, good luck to you.

Yes, I too think IFI is a total scam. I have requested a refund of my initial payment of $2, 245 for the HOMR program multiple times. Of course, I have not received a refund as of yet contrary to the terms of the contract that I signed. So, today I am taking Investors Finance, Inc. to small claims court in Long Beach, California. I will post the results. Wish we luck. Hopefully I can get part of my money back from this scam of a company.

Contact a Non Profit Law Firm at once, there are few but when you find one that works in default litigation you can typically see great results. Try the one I fond in "Google" under "CPAC Non Profit Law Clinic"... Good luck

Coach, you are awesome, I had a feeling this was a fishy post from Tom Goller, aka Mike Monaco, what a piece of work, I totally agree, he needs to pay big time. Hohoho.

I was one of the people in the article in the San Diego union tribune, since there were only 2 of us named (if I remember correctly), you were lied to, my husband and I are indeed clients of IFI and we don't have a law suit. Mr. Monaco lies with absolutely no problem and then uses "God" to make himself sound like a good guy. What a hypocrite.

Tom Goller... who are you... Citywide has no record of you ever being a client of theirs and I happen to know someone internal to IFI that claims you name is nowhere to be found in their records. Curious since you claim both of the above scenarios and are nowhere to be found in the record books...
It's time Mr. Goller to proof up or should I say Mr. Monaco. This is a joke and not funny but hilarious! Mr. Mike Monaco... did you think you could possibly get away with such a futile attempt to cover your fraud... You'll need to post the bank and Loan number associated with this supposed loan restructure because no one is buying your ###. You are weakening on all fronts and are going down as a result. I've been professional to this point and now it's time to take the gloves off. You are the worst of the worst and deserve to be put away for a long, long time. You know what they say... you can fool some of the people all of the time and all of the people some of the time but ... you can't fool all of the people all of the time. Game over buddy time to put the cuffs on and turn yourself in. Save your family the disgrace of having them witness the arrest made in your home.
If ever there was a deserving sinner you take the prize. Coming from a so called God fearing man makes it even more appropriate.
Noticed your website is down... what happened Mike Monaco were you shut down by the DRE or was it the FBI? Either way it was overdue!
While you sit in your cell I hope you find your peace but I think with all the challenges one has in a jail environment it will take a long time. Watch out for Bubba!
In would say Happy Holiday but in your case it would be better said as a Happy Stayaway. Karma is a ### Mike Monaco... welcome to your worst nightmare!