No4closure.com / Fraud and cheating
To date there may be nothing wrong with this company 4-19-09 They are touting themselves as mortgage loss mitigators and helping with the potential stopping of foreclosures. Here is the deal. It has become known around the web and the news that you DO NOT give money up front to have a company do such work.. WRONG, WRONG, you can not get an attorney to not get a RETAINER before he moves forward! you will not get a company to do this type of work either.
The problem is that in most states and especially in MN where I'm from the funds have to be deposited in an account exactly the same as an Attorney has, (trust account)then the company draws on it, but only after doing work and notifying you that they are now paying themselves from the special account. The bank holding the funds can not, I repeat CAN NOT ever use that money for the statute of 'RIGHT TO SET OFF' which means any money that company owes the bank CAN NOT be taken from that account. In essence the account is only to be used to do the work promised 'YOU'
The problem with a lot of these companies are that they are trying to use IC's 'independent contractors' that person gets you signed up, they get a check from you, they deposit it into their business account and then pay the other company their cut. The problem with that is that it now LEGALLY makes you the customer of the person you wrote the check to, if anything goes wrong the second company is only LEGALLY doing work for the persons company that you wrote the check to.
That is illegal in most states. Here in Mn there is a very reputable company that does all the correct steps and is and has passed all the criteria of the commerce dept. They are financial freedom modifications, and NO I do not work with them, I may, but that is why I checked them out, you can tell by my story I know a lot about this, I was in Mortgages from '91' to '99' and then became a businessman. I now buy and sell houses. There are actual companies that like helping people in a bad spot, but as we all know everyone deserves to make a living with their knowledge.
I checked them out at the DOC they are as legit as they come. In a lot of states the company also has to have a mortgage brokers license. (like mine) See if they will show it to you. If your state does not, they at least most often more than not, have to have a license for credit modifications or credit collections, either way they have to register with the state you are in.
Point. Yes, you can get help from a professional company that knows what they are doing. It does not happen over night; it is now taking between 90 and 110 days to get a modification. But having someone on your side that knows WAY more about this stuff than you is well worth the fee. The shady ones are the ones messing it up for the honest ones. Check the company out that you may be potentially going to work with see if they are following the steps I just described and then make up your own mind if the company is worth doing business with.
God bless; and hope this information will help you in some way.