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THE LOAN MODIFICATION TEAM / This company is misleading and a bunch of liars !!!

1 United States Review updated:

My husband and i has own our home for three years and have paid our mortgage on time. The past last year we have come across some struggles in paying our mortgage with the way the economy is going, we have been diping into our IRA to cover our mortgage. We recieve a letter in the mail stating the Loan Modification Team will work with your lender to lower your payments, a guaranteed minimal of twenty-five percent will be automaticly promissed at the end of the 60 to 90 day process, additional amount will be lower depending on their criteria. So we agreed to make the first down payment of $674.50 to get the process started which took them about 15 days to notify our lender that we were working with them. Our lender kept calling us telling us they were missing paperwork and information that we gave the modification team weeks ago. The Loan Modification Team told my husband and i not to pay our mortgage until the modification process is completed. The Loan Modification Team also told us not to talk to our lender about financials, not even if they call us.
At the time i was expecting a child and about to go on leave, one of the representatives told us it will better our chances if i just went ahead and quit. Even though we use both of our income to get qualify they told us if our lender ask do not mention that i will be going on leave. After that we start to get suspicious and realize the company we are dealing with are a little deceiving. Even though we were told not to communicate with the lender, i decided to call the lender myself and find out whats going on after two and a half months of dealing with them. The mortgage lender told me that we were declined on our first loan and the second loan was canceled and soon to be declined due to our information in the system was not mathing our third party who is the Loan Modification Team. According to the lender they verified that the investor declined us weeks ago because they did not see a hardship, therfore no modification was needed.
Once i found out this information from the lender i did not no longer need to do business with them, i called the Loan Modification Team they told me my lender was lying and that they confrimed my first loan was approved, they were just waiting on my lender to approved it. They told me i couldnt get a refund because one loan was already approved according to the modification team. At this point i knew something for sure was not right, i called several times back and forth with the lender and the modification team and everytime the information did not add up My husband called the credit card company to get our money back, we were never notify that our loans were declined. My husband and i was now already 3 months behind because of this situation. With no letter of intent to cover us from foreclosure or no modification on our loan, not even the twenty-five percent that was promised to us. The Loan Modification team has screwed up our lives, we have taken nothing but losses and now we are in a worst situation then we were before. Now because we were so trusting thinking that these people can take us out of our struggle and gives us some financial relief it was to go to be true. I am warning all desperate homeowners who are looking for a better way for your family to live...Please do not use The Loan Modification Team it will become your worst nightmare if you do.

...Its not over they messed with the wrong family. My senate and congress are hearing about it and legal action are already being taken place. Anybody who is willing to make a statement and dont mind showing their face please let me know

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  • Ge
      8th of Apr, 2009
    0 Votes

    - American Servicing Company does not and I repeat does not want to work with anyone. I owned a large mortgage company for 15 years . I had a pretty fixed prime rate on a home that I purchased with a large downpayment - my income was documented. Until last July 2008, I ran out of money. Instead of firing all of my employees or getting a governement bailout - I used my personal savings and credit to keep my business open. I have not had a paycheck for 1 and half. Yes we downsized. I put my home on the market in March 2008 and no buyers. Even if I could have sold it - would have had to come to the table with 87k - forget about the 100k in upgrades I did to my home. For the record, most of us could afford the home at the time we purchased them. Now with job losses or business failures, cost of living going up, health care skyrocketing - and let's forget about divorces - people are losing their homes. I called American Servicing and started the nightmare of a loan modification in August 2008. I was told in order to qualify - I could not have my home on the market. Not that anyone could get finaning for it- I faxed my documents -- to American Serving 29 times. The Hurricane Ike hit Houston - we were without power for 2 weeks - not complaining - natural diasters happen - no, we did not any help from Fema - had insurnace but guess what my ded. was 10k - nothing was covered - job loss, food and minor damage to the home - remember I had already - thankfully - cashed in my stocks, bonds and savings 2007 when the market was up) to help my once very profitable mortgage survive. We were told that there was a moratorum on mortgage payments for 3 months - The payments would be waived till Dec 15th 2008. On Dec 3rd a Letter arrived at my home stating that I was ineligible for a loan modification - I asked them for a worksheet of how they calcatulated this or what the plan was - I was given a line the investor runs the program several ways - Basically they spoke to me in circles. On Dec 18th I got notice that my home was set for foreclosure on Feb 3rd. 2009 I contacted - CCCS - that was joke, I called Hope Now - not eligible for that program live in Texas - and told to reapply for a modification- which I did. Now I bore with all the inconsistent letters that were sent to me throughout this living nightmare - All of my coorespondance were by certified letter, fax and I taped all conversations. I even had one lady tell me that she would not have been behind on her mortgae payments. I requested a breakdown - which is the law to disclosure how they calculated my new principal balance. - 3 certified letters went out. I got another letter stating that once again I was inelgibile for the modifications - still trying to figure to this day - why the 3 month Hurricane payments were still tacked on - no explanation. Sent more certified letters and verbal requests - i was told those certified letters just probabbly go into junk mail. Well, I contacted them on Jan. 30th (friday) both the trustee and American Service Company who has totally ignored all my written requests from validtion, produce the note etc- Oh yeah I sent all letters to the 3 or 4 addresses they would give me. I packed my house up over the weekend all 4333 sqft - and moved - On that Monday - i contacted them and told them - they won - I lost and I moved out - Well, american company told me - Oh we postponed the foreclosure for 30 days. I asked what am to do now. What's the plan - explain fees, should I move in, why was I declined for my modication - what figures are you using - Keep in mine -i don't set my clock in morning - 8:00 they always call everyday. Well my sister went to my home to check on it that Sat - There was a man in my home - changing my locks - Now they did notify me of anything of the sort - i realize in my mortgage deed they can go in if the house is abandoned etc - but this was not the case. That Friday before the breaking and entering by the mortgage company, we were going over my problem - from the begginning - I always had to start from the beginning because I felt I was speaking to an alien or my the doorknob or just banging my head on the cement curb. No mention of entering my home and changing my locks. -I did win one small battle - I spoke to one lady after all of this had happen - begging them to return the keys to my home - they were a little concerned about that screw up - - I asked the one human who I spoke there at American Servicing Company - what would you have done if you were told you were going into foreclosure on a Tuesday and had small children - Would you not have moved out - She said Yes.. it's just their policy at wells Fargo or whoever owns my note - to torture you and wait till the day before foreclosure - so if they foreclosure on you - most people get stuck and leave their possessions behind for the mortgage company to seize - the sherriff - throws them out in 48 hours so their trapped. What a little game. My current status - I live with my parents, my stuff is in a storage unit, I just got my keys back for my house on March 31st - I discussed with them, that we could do a deed lieu of foreclosure but once again I was not eligible because my house had not been on the market for the last 90 days. I tried to tell the lady that I took it off the market to get a modification and try to sell it when the market came back - - So on May 5th - and I praying they make my day and foreclose - My neighbors are upset about the grass - I am going to sue them. They have violated every law in the book - Everyone has problems in their lives - even you Americandad - and please try take an English class- you need to expand your vocabulary - the only word you know is the f word - Get a dictionary. These people are not wanting a hand out, they are simply asking for help. It would make more sense if people stayed in their homes and made payments - The banks do not want to work with anyone. They have already gotten the money from the government - If they sell the house for $1, they made profit. We should have never given them any money. there is no motivation to work with anyone. yes there were loans that were given out that people should not have gotten. The media has exagerated the sub prime market. I worked with Doctors to Sheriffs who had gone through a bad time - health reasons - divorce or job loss - oh yeah they don't lay off by your credit score - We found that people who had problems in past were so grateful to get second chance - they paid on time - In fact, they could no have got any other credit like these people who lived on the credit cards with 700 plus credit scores -(their time is coming) they had one payment to worry about the mortgage - yes the rate was higher - 9% to 16% when I started - but what is rent - 100% interest. We are headed to bigger problems - people 's retirement were their homes - now that's gone. - God help you if anything ever happens to you - anyone who wants find attorney or know one please - email me

  • El
      10th of Sep, 2009
    0 Votes

    I am So sorry to hear what happened that’s why I entrusted in a law firm to get my Modification done. I recently did a loan Modification with the Sherman and nathanson Law Group. They walked me through every step of the process from start to finish, I was very fortunate to find such a wonderful company to work with. If I may recommend any company to do your loan modification I would give them a call, they did my entire loan modification in exactly 47 days and anytime I had a question they were very responsive in getting right back to me. Its unfortunate there are so many bad company's out there, If anyone comes across any other bad companies please post because no one deserves to get there house taken from them. You can contact them at 424-205-1810 the gentlemen I worked with name was Bret hope this was helpful.

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