Posted by Jayhawk/KS on 8/23/09 3:32pm
Msg #301398

credit card authorizations

Has anyone had any calls to do a credit card authorization? I got one, the title company said, all i had to do was get customer to sign 1 piece of paper and fax it back. The paper was a credit card authorization for a company out of Phoenix.

Reply by Lee/AR on 8/23/09 3:42pm
Msg #301399

Doesn't pass the smell test, imo. If you, me, anybody really wanted something, we (collectively) wouldn't have a problem with 'charge it', would we? If I was attempting to charge something and they said 'oh, we'll have someone come to your house and you can sign the authorization then'.... I'd probably have the cops waiting. If you find out more---let us know.

Reply by MikeC/NY on 8/23/09 6:07pm
Msg #301401

A credit card authorization to do what?

We could be talking about a one time deal, or a monthly ding against their account (the latter are sometimes difficult to stop). And why on earth did they need a notary to handle this for them? It could have just as easily been done by mail or even online.

I have seen some timeshares where a CC authorization is included in the packet, but sending you out to only collect a signature on a CC authorization seems a bit odd...

Reply by hp/MD on 8/23/09 6:35pm
Msg #301403

A lots of loan modification happens when the borrower agree to pay certain amount per month, could be 3 month, fee to the broker to find a lender so the borrower can get out of big monthly payment.

Reply by MW/VA on 8/23/09 6:43pm
Msg #301404

It's been said that some of the loan mod appl. scam companies were getting credit card nos. instead of checks. Is that what this is? You said the "tc" told you. I can't imagine any tc being involved in something like this. Do you care to reveal the name of the company who hired you?

Reply by BrendaTx on 8/23/09 6:58pm
Msg #301406

hp/MD - that was also my thought.

But, I also question a "title company" sending a notary out for that. I wish we could learn more about the company which hired the notary.

Reply by Claudine Osborne on 8/23/09 8:16pm
Msg #301408

Credit card

My friend is doing a loan mod and she had the paperwork faxed to me. In the paperwork there was an authorization form for her to sign so that they will charge her credit card every month for 3 months totalling $1,800.

Reply by MW/VA on 8/23/09 8:20pm
Msg #301409

Re: Credit card

Claudine, I know you know the difference between a loan mod & a loan mod application. What is the $1800 fee for?????? Do you know what company it is through? This screams "red flag" to me.

Reply by Claudine Osborne on 8/23/09 9:07pm
Msg #301413

Re: Credit card

Loan mod application..I just talked to her and she will not be doing it! She agreed with me that there were too many red flags! She researched the local government and was referred to a non-profit that will assist her for free! The company that she was thinking about is Korte & Wortman a lawyer group in Fl.

Reply by jba/fl on 8/23/09 9:10pm
Msg #301415

Re: Credit card

Will she be filing a complaint? I think she should since she is the consumer and that is who they want to hear from. Even if she is not in FL, I would think that FL would want to know about this.

Reply by Claudine Osborne on 8/23/09 9:18pm
Msg #301418

Re: Complaint

She does not want to make a complaint as she decided not to go through with this. She is in Ohio too and they are advertising on the Tv. My friends current mortgage is at 12%! I know their credit is bad and they are in a tough spot with job loss, unemployment etc. Just the type of people that should not be spending any money on a loan mod. But just the type of people these predators are looking for! Desperate!

Reply by Shoshana/AZ on 8/23/09 9:39pm
Msg #301419

Re: Complaint

She should look at the old Hope for Homeowners Program that Bush signed into law in July 2008. It was where the government refinances your home for 90% of the current value. The downside is that you have to share the equity with the government when you refi or sell. She needs to be aware that when she looks it up on the website, there will be brokers who are listed, but don't do that specific program. They will try to bait and switch.
Good luck to her.

Reply by Shoshana/AZ on 8/23/09 9:49pm
Msg #301422

Re: Complaint

Actually, she should call HUD and speak to a HUD counselor. It appears that this program has changed since I last looked at it.

Reply by desktopfull on 8/23/09 9:39pm
Msg #301420

Re: Complaint

What they are doing is contacting her mortgage company and requesting a modification ie-lower interest rate, setting late payments to the end of loan, etc. They have to give an answer within 60 days. If the lender turns down the borrower for a modification then the lawyer informs them that they are going to request a RESPA audit, which apparently causes the lender to immediately offer the modification. If during the RESPA audit the Feds find even one mistake it carries a hefty fine and then they can audit all of the lenders accounts and rather than face that they give the borrower a modification. The fee for representing your friend is the $1800.00.

Reply by MW/VA on 8/23/09 10:14pm
Msg #301424

Re: Complaint

Are you saying their legit? It sounds like you know the company. It is still "loss mitigation" isn't it--with no guarantee of a modification?

Reply by desktopfull on 8/23/09 10:25pm
Msg #301425

Re: Complaint

Yes, what they are doing is legitmate, you are basically hiring an attorney to represent you for you modification. I don't know this firm, but spoke with a couple of others that do the same thing and they will guarantee you the modification because the lender's doesn't want to go through a RESPA audit, if just one error is found it can cost them thousands and open them up for audits on all of their accounts.

Reply by MW/VA on 8/23/09 10:31pm
Msg #301427

Re: Complaint

The new law in VA is about any company requiring large upfront fees. I think this still falls into that category.

Reply by desktopfull on 8/23/09 10:57pm
Msg #301431

Re: Complaint

I don't know how a personal attorney's fee would relate to the new law in VA that you are referring to, but if they fall under the new law it would appear they would have to make adjustments to their fees. I think the fee is awfully high, but they do seem to be saving peoples homes that were going into foreclosure after the lender's refused to give them a modification.