The complaint has been investigated and
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MDF/Loan ModificationIllegal business practices

We hired MDF Financial Services in January 2009 and paid them $3501.00 to work with our lender IndyMac Mortgage Services to get a loan modification on our mortgage. My husband was layed off and had reduced work hours and we could not afford to make the existing loan payment. MDF was not able to secure a loan modification and both attempts were denied by the lender IndyMac Bank. They are now foreclosing on our property and we have to be out by 10/23/09. We have requested a refund from MDF Financial Services per their guaranty that they will secure a loan modification and to date they have not agreed to give us a refund minus the $495 fee that is non-refundable.

Responses

  • Md
    MDF Aug 04, 2009

    Our service agreement with this client is the same as any other. We were engaged by the client to negotiate a loan modification on 12.02.08. Our Money Back Guarantee is enforced when we CANNOT obtain a loan modification. That is simply not the case as you will see from the response below we actually did our job twice but did not charge the client additional for work rendered.

    Our company has worked diligently to help the Ali’s retain their home and provide them with a fresh start. The client file is heavily documented with emails, phone call logs, and documentation to support the labor put into this specific case. Through our efforts we obtained two modifications that would cure the default:

    The first modification we received from Indymac was issued on April 6th, 2009. The terms offered was a new Principal and Interest payment of $2492.73 + Impounds (taxes and insurance - $366.50) bringing your account including all past due arrearage of 6 months (11/1/2008 - 05/01/09) including all late fees and foreclosure costs incurred.

    The second Modification was obtained on June 17th, 2009. Your lender provided a workout based on the Presidents new Home Affordable Plan. Each plan is a direct function of your income and the initial part of the plan is termed a “Trial Mod”. This is a 3 payment plan and then transitions to final modification. This allows the investor to see if you are committed to making the new payment and retaining your home. Based on your income they offered you a new payment of $1660.05 for the 3 months. Following 3 on time payments the terms would have been finalized and set. This new format is the design for the majority of modifications moving forward. Based on your current income the housing ratio is below the standard set under the Home Affordable guidelines.

    It is important to note that the client DID ACCEPT the final modification outlined. At the end of the day we performed to our contract upon obtaining workout #1 and then we went back to work and the lender was willing to provide a more affordable option of which she finally accepted. Again, this demonstrates that we obtained not one but two modifications for this particular client.

    We have performed according to our signed contract. We wish her the best.

    Marc Felice – President – MDF Financial Services

    -1 Votes
  • Ka
    kathyali Sep 03, 2009

    2 weeks after submitting the first payment to the modification offer the lender called us to say they have decided to deny it and sent us a letter on 7/31/09. We sent a copy of the denial letter to MDF Financial Services and they would not give us a refund. They did not fullfill the contract obligations - the Loan Modification was denied by IndyMac Bank - a copy of that denial letter has been sent to MDF Financial Services. They do not honor their "Money Back Guaranty".

    1 Votes
  • El
    EL2007 Sep 10, 2009

    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 [protected] the gentlemen I worked with name was Bret hope this was helpful.

    0 Votes
  • Sm
    Smitch2 Sep 17, 2009

    WOW!! This sounds so familar. I hired them back in December 2008. They were to do a forensic loan audit and modify the loan if any violations were found. After 8 months they finally produced a report with several errors. A few days later they informed me they cannot modify the loan. Marc sujested I hire a California attorney because they cannot help me because they are in Florida. None of these things were told to me from the begining. After calling several attorneys, none could help me save my house because my loan is more that 3 years old. To my surprise Marc Felise did not know this law. He told me it must be a local law. It is a FEDERAL law. I had to do the research and send him case history and he still refused to do any thing about it. In addition, I hired him to modify my second. He did and was able to reduce it by $30, 000. I was happy!! I was told to sign the documents and fax them both to the bank and MDF. I faxed them both as requested. I never received an invoice for my payment. I called MDF several times, and as usual, they never return calls. I called the bank and they told me the modification was void because they do not accept faxed contracts. I brought this to MDF, they told me "no problem, we will get it taken care of". 4 months later they have done nothing!!! They refuse to refund any money!! I urge everyone who has been ripped off by this company to file a complaint with the BBB, Trustlink, and the Florida Attorney General. If I had the $3000 I paid them I would not be losing my house.

    0 Votes
  • Sp
    speedster Jan 06, 2011

    We hired them in August 2008 and we were not delinquent on our mtge. We pd 2788.00 to start a modification with Ocwen. We sent in all of the paper work and MDF did not contact Ocwen until Oct 20 about the mod. To make a long story short MDF and the Ocwen foreclosure factories turned a current, albeit unlawful, mtge that was CURRENT into a foreclosure. I have every document to prove this. Eventually we filed a Federal Lawsuit against Ocwen, Deutsche Bank Encore Credit et al. In discovery as per Rule 26 disclosure we find out in the comment log of Ocwens that MDF did nothing for 3 months. When we were going through the process these people assured us that all was on target. There are no records of any communication until Oct 20th. Thats grossly negligent, and when we were served the foreclosure papers by the sheriffs dept, on Christmas Eve ([censor]) MDF bails out and blames us!!! Now that we have absolute proof of everything we are amending the complaint to include MDF. The foreclosure was stopped and the Federal action has precedence with which we have absolute proof to beat these clowns with. In fact 1 law office was fired and 3 have quit so we must have a pretty good case. In the research I have done these people are involved with all of these other foreclosure factories. Dose anybody know if Ocwen and MDF are tied together legally or corporately. These people did not even have standing to start a foreclosure as the deed of trust was not executed until well after they initiated the foreclosure. WTF. These people should be in jail. We sent a hardship letter to them and they rewrote it and forged my signature. I stated that we did not want to become delinquent and they stated that we were "seriously delinquent" I can't wait to see the reactions when my bank statements and the Ocwen statements are shown to a jury if it gets that far. The current attorney for these people has already informed them they can't win and we now have to include MDF and several others. Any info about these people will be greatly appreciated.

    0 Votes

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