Posted by Virginia/PA on 9/20/10 2:34pm
Msg #353192

Eclipse Servicing

Anyone had any experience with this company. They say they represent a network of nationwide attorneys in debt assistance programs.

Reply by MW/VA on 9/20/10 3:09pm
Msg #353194

I have no experience with that company. but I would suggest you find out what kind of service they are requiring. If it's loan mod apps, I would stay away. It's been discussed before many times, but most of that activity is illegal in many states, including those that call it a "legal retainer".
Otherwise, I've done some work for other companies that are working debt restructuring. They settle with creditors for lesser amts. The ones I've seen were legit and were not scams.

Reply by Virginia/PA on 9/20/10 3:29pm
Msg #353200

I did do "due diligence" in questioning the caller and was told that loan modifications relating to mortgages were not part of the process and that all parties have had at least several minutes (I think he said 2 hours) of communication with a state approved attorney or staff (these are state specific) who is negotiating debt on behalf of clients.

Similar to ones were are avoiding, there is an application to be signed and one notarized document which is a POA for the attorney to act on behalf of the client.

We are the "messenger" so to speak. Please don't shoot the messenger.

Reply by Virginia/PA on 9/20/10 3:31pm
Msg #353201

P.S.

He also said that clients are responding to them based on a mass mailing. These were not outbound telephone solicitations but mailed solicitations which are being responded to.

Reply by MonicaFL on 9/21/10 10:48am
Msg #353281

I had one that was a "debt restructuring" however, the borrower had to pay out about $7100 BEFORE they even contacted the creditor (and the total amount that she was trying to "restructure" was $10,000. That didn't make any sense to me. The borrower contacted me and asked me to e-mail the documents to her so she could see them before I went over there and after she looked them over she called me and said "no way". If I am going to have to pay them $7100 to help restructure a $10,000 credit card bill, I might as well try and do this myself. Needless to say, she canceled the signing.

Reply by James Dawson on 9/20/10 3:14pm
Msg #353197

check out their web site..interesting indeed...

<<<< Important Notice
Due to recent regulatory changes, Eclipse Servicing will not be accepting new clients. >>>>>

Reply by Virginia/PA on 9/20/10 3:34pm
Msg #353202

Please provide a link to that information (privately or on the board if you wish).

Reply by MW/VA on 9/20/10 3:41pm
Msg #353204

www.eclipseservicing.com

Reply by Virginia/PA on 9/20/10 4:14pm
Msg #353206

That's not the link I received for signup request.

Reply by James Dawson on 9/20/10 4:19pm
Msg #353207

Re: Eclipse Servicing MW/VA did provided that n/m

Reply by Mary_in_VA on 9/20/10 5:48pm
Msg #353213

I've received a copy of "Independent Representative Agreement", which is from "Meridian Law Group". Apparently, the contract is not between Eclipse Servicing and the contractor or "Representative", but between Meridian Law Group (the "Firm") and the contractor. I suggest that anyone considering signing this read it very, very carefully and consider consulting an attorney.

Reply by SheilaSJCA on 9/20/10 6:22pm
Msg #353216

If I have to consult an attorney, before I consider working

with some one, then I would just as soon pass. From what I could gather from their website (Eclipse) they are provider of " templates" of a sort, for those who want to engage in offering debt reduction services.

Reply by Bob_Chicago on 9/20/10 6:31pm
Msg #353217

Personally, I would act like the Ginger Bread Man, and

RUN, RUN, RUN as fast as I can ( The other way)

Reply by MW/VA on 9/21/10 9:15am
Msg #353253

There was a warning on TV this morning about the current

rash of debt reduction companies out there doing business. Once again, it is illegal for them to charge upfront fees.

Reply by Donna McDaniel on 9/21/10 9:56am
Msg #353264

A little off topic...

I have worked for a company that charges borrowers an upfront appraisal fee for refinance applications. They usually have an ACH form in the package for them to fill out. My question is, are upfront appraisal fees also illegal? I know they don't get their money refunded if they don't get the loan.

Reply by MW/VA on 9/21/10 2:10pm
Msg #353311

No problem with that. It's the norm. Appraisals are paid

upfront & are not refundable if the borrower doesn't go through with the loan.

Reply by shannon carter on 12/8/10 8:28am
Msg #364300

I decided to give them a try. We negotiated a fee and I performed the appt on 11/23 and was paid on 12/6. The appt lasted about as long as a regular closing but I guess that would depend on how many questions the client had to ask. All of the answers are listed very simply on a couple of pages. If the answer isn't there, I just referred them back to Meridian.