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Principal Reduction Group / Forensic Loan Audit Scam

1 2330 Scenic HwySnellville, GA, United States Review updated:
Contact information:
Phone: (678) 252-2117

The Principal Reduction Group offered an "appealing" solution for distressed homeowners who owed more than their homes were worth and were in danger of losing their homes either to foreclosure or the short sale process. Through conducting a Forensic Loan Audit, the Principal Reuction Group provides homeowners specific details on one or more RESPA violations which occured rampantly with lending institutions specifically at closings occurring between 2001 and 2007. Once homeowners purchase the service of the Principal Reduction Group at a cost of $2000.00, the homeowners would recieve 1) a copy of the forensic audit performed on the closing documents issued at closing 2) a consultation with their in-house attorney (Atlanta Attorney, Michael Harper) and 3) an estimated 3 months of consultation based on the prescribed amount of time necessary to negotiate the principal reduction of the mortgage for the homeowner based on violations discovered, giving relieved families a reduced monthly housing expense. At first glance, this appears to be a solution which could actually work. Apparently, once a homeowner forks over $2000.00 each in upfront fees the president of the company, Jim Burnett and his partner, Christopher Jones do everything to avoid communicating with their new clients. Burnett boasts about the number of satisfied clients who have been assisted by this costly program, but has yet to provide documentation of the actual outcomes of any homeowners who have successfully benefitted from the services promoted by this company. Furthermore, this company lists itself as an LLC, but the website claims a non-profit status which should call for additional oversight due to the tax-exemption status which correlates with a 501C-3 entity. These characters continue to exploit the underinformed homeowners seeking help to save their homes by conducting shill transactions. If there are any other horror stories, please post your complaints so that the appropriate authorities can look into advocate for the consumer benefit.

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Comments

  • Lu
      17th of May, 2011
    0 Votes

    Be informed that recent online complaints got the attention of the Atlanta
    Bar Association on a very serious magnitude and a legal team of Attorneys will
    probe into the illegal activities and mal-practices of your office.

    The understanding and assurance given always to first time clients to audit and fix
    their mortgages is a promise never kept nor honoured as this is proven by the termination
    of the contract after 3 months only in every individual case.

    This pattern seriously raised the red flag among home owners lured into this service after
    making an initial down payment of $1000.00 twice, followed by a monthly payment of $800.00
    in the following 3 months and just to come to learn at the end of the third month that the overall
    payment is not sufficient to take care of Attorney fees and other logistics.

    From a legal standpoint, this is questionable, and your office is obliged to shed light on
    this kind of contract.

    It is always the understanding of the clients that the fees asked by your office will cover
    the entire undertaking of the Auditing to getting a word from the Bank in order to know
    of their status of the mortgage, therefore against this background, your office should be
    held responsible for a refund to every client lured into this trick and face also the necessary
    legal charges/lawsuits and a shutdown of this office.

    This is a joint and concerted effort by having all signatures of the parties affected to get
    it beyond the level of the Atlanta Bar Association/ Better Business Bureau, but to the
    Federal government. Home owners need help not to be tricked.

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