Posted by ChristineHI on 9/8/09 9:20pm
Msg #303207

I just received a mailing to do a modification on my home!

With all the discussions on loan modifications I was surprised to receive a notice the I am "pre selected" for a loan modification. They didn't put their company information on it, I just googled them and found out it is a law office in Irvine Ca.
What is interesting is that they had the wrong lender for one, our loan was sold to another lender that isn't even licensed in our state so I cannot even do a new loan with them anyway. The lawyers also apparently are not licensed to practice in my state either.
Reading it, though, I can see why borrowers call them. It looks so appealing and tempting. If they did what they promise on it, my payment would be reduced in half. They don't tell you all the other stuff though and if I didn't know all that I know from the great information gained here on this site specifically, I would have probably been tempted to contact them.
I have a better understanding why people call them in the first place.
I wondered too, though, how they got so much information on me. They were able to found out the date I got my last loan and the lender, although that lender is no longer servicing my loan. I actually felt a bit invaded knowing that they got that information.
Anyway, it opened my eyes on how people would consider doing these transactions with people who probably don't have their best interest in mind.
I am so grateful for the information everyone puts here on these transactions.

Reply by Todd/OH on 9/8/09 10:05pm
Msg #303213

It's amazing the time these people take to make their mailings eye-catching and appealing. They didn't dream this up overnight. They understand the mentality of the financially desperate and they are 'ready' when the desperate call. The whole thing is a racket and it's a shame that people make money off this.

Reply by Yowheelz on 9/9/09 7:59am
Msg #303226

I get these all the time

Lots of wrong information, Shred, Shred, Shred

Reply by CopperheadVA on 9/9/09 8:53am
Msg #303236

I stopped getting all that junk plus all the credit card

offers when I registered on: www.optoutprescreen.com

I even stopped getting live checks in the mail from my existing credit card companies that wanted me to write checks to myself off my credit card line with them. Signing up with this program has cut out at least 90% of the credit junk mail I receive, maybe 95%.

Reply by MW/VA on 9/9/09 9:11am
Msg #303241

Re: I stopped getting all that junk plus all the credit card

Thanks for the great tip, Linda.

Reply by CopperheadVA on 9/9/09 9:18am
Msg #303243

Re: I stopped getting all that junk plus all the credit card

This website and its corresponding phone number are often listed in the "Opt Out" sections of privacy policies included in loan packages. I point it out when conducting a loan signing. Most people are very interested and appreciative. The website is like the "Do Not Call" list, except it's for credit offers.

Reply by MW/VA on 9/9/09 8:58am
Msg #303237

It's easy for them to get the info. since it's on public record (DOT recorded). IMO these people are capable of anything. Financial crime is a huge & profitable business, unfortunately. Preditors always look for innocent victims. They're opportunistic--using the current market conditions to prey on unsuspecting victims. You're fortunate enough to have the knowledge of this scam. How many people aren't? They're counting on desperate people, under a great deal of stress, to jump at a way out.
They're very vulnerable. Remember, the real scam is loan mod applications & they recently switched their lingo to "legal retainers" according to a recent thread. We need to keep the information in the forefront on this forum & spread the word.
Victims can report foreclosure rescue & mtg. mod. scams to the FTC at FTC.gov or call 877-382-4357.
Also, the Homeowners HOPE Hotline is 888-995-4673 (I don't know if this is national).

Reply by ChristineHI on 9/9/09 1:15pm
Msg #303272

Re: I just received a mailing to do a modification on my hom

Thanks for even more great information! I would definately agree that the vulnerable people would definately respond. I would have if I didn't know better now. The last 2 years have been very very tough for most of us and seeing that mailing would give some people false hope.
I actually have already done my own research on refinancing my home already with my current lender to take advantage of the lower rates and the government stuff, but since the new lender is not licensed in Hawaii they don't do any refinances. All they do is service my loan. Kind of not fair I must say. :-(
I appreciate the responses. It is a new world and very interesting too. I continue to learn even after all these years. That is why I enjoy this business actually. :-)