People's First Financial / Loan Modification
In May of 2008 I was contacted by People's First Financial in regard to a loan modification. At the time I had already started to negotiate a re-payment plan with my mortgage company. I was advised by People's First Financial that the arrangement I had with my lender would only cause me to fall behind once again due to the size of the payment. They told me I would be much better off if I let them negotiate with my lender as they have ways of getting the lender to reduce the principal balance and/or the interest rate. This would significantly reduce the size of my monthly payment. I was also told that People's First always pre-qualifies you to be sure they will be able to negotiate with your lenders before they accept payment. After I was told that People's First Financial had checked with my lenders and they found the loans were negotiable, I paid People's first $3, 000 to conduct a loan modification. I was also told by People's First not to talk to my lender at any time during the modification process, to fax all mail and other correspondence to them, and that if I interfered in the process by speaking to the lender it could terminate everything they set out to achieve. In November 2008 People's First had to get an extension on a foreclocure sale date. They told me the extension was for 45 days and they were still negotiating numbers, however it was only for 30 days. If I had not called my lender due to a Fed Ex package I received less than 48 hours from the actual sale date, my home would have been sold to foreclsure without my knowledge. People's First Financial has not returned any of my calls or e-mails since this date. I am corresponding with the lender currently, and have been told they NEVER do modifications in any situation, and have told People's First Financial this from day one.