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Predatory Lending


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#16 mylo

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Posted 16 June 2009 - 10:34 AM

I was going to say, they'll help modify my loan, their way, but it's not a loan modification?
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#17 palango

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Posted 16 June 2009 - 11:42 AM

QUOTE (stevethedad @ Jun 15 2009, 10:26 PM) <{POST_SNAPBACK}>
Or where it says that with your program you can,
"Reduce the principal balance on your mortgage
Reduce your interest rate
Reduce your monthly payments
Stop derogatory items from being reported to your credit
Stop Foreclosure
Stop the harassing calls and letters"

If that's not a modification, what is?



+ 1000. This is a total loan modification/scam system DISGUISED as "forensic" analysis because lots of folks watch CSI and that any business model coined after the CSI empire is trying to capitalize on the same "victims" that were wronged by the "greedy" lenders.

These guys are a combination of Ambulance chasers trying to strong arm what is left of the lenders (lots and lots of them are completely out of business). I bet you that the majority of the lenders will settle out of court because the fear more bad publicity.

This business model (even though shady and on the border to unethical) may not be illegal, but can prove to be ultra lucrative. Can you imagine the upcoming TV commercials that will be produced by the Anti Asbestos legal lawsuit or the defective breast implants legal group.

Lawsuits are the chic and sexy way to make a profit during this recession.

#18 folsombound

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Posted 16 June 2009 - 12:05 PM

QUOTE (palango @ Jun 16 2009, 12:42 PM) <{POST_SNAPBACK}>
+ 1000. This is a total loan modification/scam system DISGUISED as "forensic" analysis because lots of folks watch CSI and that any business model coined after the CSI empire is trying to capitalize on the same "victims" that were wronged by the "greedy" lenders.

These guys are a combination of Ambulance chasers trying to strong arm what is left of the lenders (lots and lots of them are completely out of business). I bet you that the majority of the lenders will settle out of court because the fear more bad publicity.

This business model (even though shady and on the border to unethical) may not be illegal, but can prove to be ultra lucrative. Can you imagine the upcoming TV commercials that will be produced by the Anti Asbestos legal lawsuit or the defective breast implants legal group.

Lawsuits are the chic and sexy way to make a profit during this recession.





+100, I agree.

#19 usloanauditors

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Posted 16 June 2009 - 12:10 PM

I have read the comments and it is very hard to explain our WHOLE system in a forum format. I will answer Steve's questions right now, so that we can satisfy your *curiousity*.

Each and every case is 100% different. It is a court case and a lot of the case is uncovered during the "Discovery stages" of the process. The forensic audit (done in house...not farmed out) is a tool to help get the TRO (Temporary Restraining Order). Have we seen principal reduction, payment reduction and reduction of interest rates. The answer is YES, but once again each case is unique.

Palango...first and foremost. Thank you for your comments! There are always two ways to look at a situation. If you think that we are abusing the system by helping people that have been taken advantage of (elder abuse, bait and switch, etc) that is your point of view and I respect that. But I can promise you that the people that we are helping are not going to agree with your opinion.

Once again if you want to understand ALL the details of the program give us a call.

Sincerely,
Shane Barker

P.S. Once we have final judgment on the case then the loan is restructured or the lender will write up a brand new note for our client. Each is case is unique!
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#20 curiousity

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Posted 16 June 2009 - 12:27 PM

QUOTE (usloanauditors @ Jun 16 2009, 01:10 PM) <{POST_SNAPBACK}>
I have read the comments and it is very hard to explain our WHOLE system in a forum format. I will answer Steve's questions right now, so that we can satisfy your *curiousity*.

Each and every case is 100% different. It is a court case and a lot of the case is uncovered during the "Discovery stages" of the process. The forensic audit (done in house...not farmed out) is a tool to help get the TRO (Temporary Restraining Order). Have we seen principal reduction, payment reduction and reduction of interest rates. The answer is YES, but once again each case is unique.

Palango...first and foremost. Thank you for your comments! There are always two ways to look at a situation. If you think that we are abusing the system by helping people that have been taken advantage of (elder abuse, bait and switch, etc) that is your point of view and I respect that. But I can promise you that the people that we are helping are not going to agree with your opinion.

Once again if you want to understand ALL the details of the program give us a call.

Sincerely,
Shane Barker

P.S. Once we have final judgment on the case then the loan is restructured or the lender will write up a brand new note for our client. Each is case is unique!


First, I am not Steve, never have been, never will be. I'm interpreting your first sentence as an indication you think I am Steve. Nothing could be further from the truth.

What is the typical benefit in the end your clients receive from your services?
A modified loan, or some large settlement for being defrauded? I still don't feel you have been forthright with a straight talk answer. I try re-reading your answers, but as they don't answer the specific question, they strike me as "yada-yada-yada". almost as bad as a presidential debate.

The whole "I can't explain the whole thing on this forum and all cases are different" strikes me as avoiding a simple and straight forward answer. Yes, the simple and straight forward may over-generalize things, but give it a try. You may just win over a new client.

#21 usloanauditors

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Posted 16 June 2009 - 01:00 PM

Curiousity....I said that I was going to answer Steve's questions, not that you were Steve. Sorry for the confusion.

But if you want me to give you your specific outcome without knowing the specifics of your case then we will never be able to get on the same page. It is like you asking me to give you an interest rate quote without knowing your credit score, income, assets, etc...sound familiar?

Here is the situation:
We can't tell you a potential outcome with knowing the specifics of the case.

In regards to the questions you want me to answer. Please post them and I will answer them.

I do understand your skepticism (due to all the scams that are out there) but please think that we are trying to "win" you or anybody else as a customer. We are just trying to help homeowner's and if you don't need help, then you are one of the fortunate people.

Thank you sir!
Shane Barker
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#22 FraudInvestigator

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Posted 16 June 2009 - 01:58 PM

QUOTE (curiousity @ Jun 16 2009, 11:32 AM) <{POST_SNAPBACK}>
Wow, this has been an educational read.

My take on all of this:

Steve doesn't beat around the bush, he says it like it is.

USLoan auditors, sounds like they have a particular method of going after "bad" lenders and getting their clients "loan modifications" while trying to market themselves as something different so as not to be confused with "bad" loan modification companies.

My personal take, while I know legal documents have to be written in legaleze, I don't like doing business with those that won't talk straight talk with me.

And US loanauditors didn't answer Steve's question regarding these statement directly Cut & pasted from their website

those sound like changes to an existing loan which falls under loan modification in my book

So maybe the OP is willing to say "Yes, we do loan modifications" or maybe he can explain how they can make those changes without modifying a loan. Maybe they re-finance and carry the loan themselves.

I look forward to a straight talk answer and not more marketing hyperbole


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#23 curiousity

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Posted 16 June 2009 - 02:08 PM

QUOTE (usloanauditors @ Jun 16 2009, 02:00 PM) <{POST_SNAPBACK}>
Curiousity....I said that I was going to answer Steve's questions, not that you were Steve. Sorry for the confusion.

But if you want me to give you your specific outcome without knowing the specifics of your case then we will never be able to get on the same page. It is like you asking me to give you an interest rate quote without knowing your credit score, income, assets, etc...sound familiar?

Here is the situation:
We can't tell you a potential outcome with knowing the specifics of the case.

In regards to the questions you want me to answer. Please post them and I will answer them.

I do understand your skepticism (due to all the scams that are out there) but please think that we are trying to "win" you or anybody else as a customer. We are just trying to help homeowner's and if you don't need help, then you are one of the fortunate people.

Thank you sir!

I didn't ask for a specific outcome. I have asked for general straight forward answers.

So let's try this again:

What is the typical benefit in the end your clients receive from your services?
A modified loan, or some large settlement for being defrauded? or maybe something else?

And don't tell me there isn't any typical result, you can generalize, I obviously doubt divorce is a typical outcome for you.

#24 usloanauditors

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Posted 16 June 2009 - 02:18 PM

I thought I already went over this but we can touch on it again.

What a client could see in a potential settlement.

1. Reduction of principal
2. Fixed their Adjustable Interest Rate to a Fixed Interest Rate
3. Lowering of their Interest Rate
4. Cash Settlements
5. Reversing of a foreclosure

Plus other benefits but these are the most common.

Thanks,
Shane Barker


Shane Barker
Co-Founder
888-55-AUDIT - Toll Free
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http://www.uslegaladvisors.com

#25 mylo

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Posted 16 June 2009 - 02:27 PM

QUOTE (usloanauditors @ Jun 16 2009, 03:18 PM) <{POST_SNAPBACK}>
I thought I already went over this but we can touch on it again.

What a client could see in a potential settlement.

1. Reduction of principal
2. Fixed their Adjustable Interest Rate to a Fixed Interest Rate
3. Lowering of their Interest Rate
4. Cash Settlements
5. Reversing of a foreclosure

Plus other benefits but these are the most common.

Thanks,
Shane Barker

Title: Benefits of Loan Modification
From: ImResolutions Short Sale and Loan Modification Services
Source: http://www.loanmodif...n-modification/

QUOTE
You keep your property
Your neighborhood market values may be preserved
Your monthly loan payments may be lowered
Your mortgage interest rate may be lowered
Your mortgage principle balance may be reduced
Past due loan or mortgage balances
May be partially eliminated
May be completely eliminated
May be deferred
A combination of any or all of the above **
Your credit rating is preserved--no foreclosure


How is what you do not a loan modification?
"Ah, yes, those Gucci extremists and their Prada jihad!" --ducky

#26 curiousity

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Posted 16 June 2009 - 02:31 PM

QUOTE (usloanauditors @ Jun 16 2009, 03:18 PM) <{POST_SNAPBACK}>
I thought I already went over this but we can touch on it again.

What a client could see in a potential settlement.

1. Reduction of principal
2. Fixed their Adjustable Interest Rate to a Fixed Interest Rate
3. Lowering of their Interest Rate

4. Cash Settlements
5. Reversing of a foreclosure

Plus other benefits but these are the most common.

Thanks,
Shane Barker

so, in short, loan modification, now isn't that easier.

#27 usloanauditors

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Posted 16 June 2009 - 03:17 PM

Good question Mylo.

This is the whole reason why we are here. There is a lot of crap (mis-education) that homeowner's have been feed. The word "Loan Modification" in the past has just been a forbearance agreement between the homeowner and the bank. So it was not a "TRUE" loan modification, it was a temporary "bandaid" for a homeowner with no other options. So in terms of a "Loan Modification" that most people understand, that is not what we do. A loan modification can only do so much to "modify the loan" due to the servicing agreement between the investor and the bank (unless it is owned by Freddie Mac & Fannie Mae: i.e. the Obama Plan). Most people are use to what loan modification companies "CLAIM" they can do and you are comparing it to what we actually "DO".

Here are examples of the cases that we FILED and are currently in litigation.

http://dockets.justi...p;max-year=2009

The main difference between us and a loan modification company is that we file EVERY case in Federal court. There is no comparing what we do and what loan modification companies say or think they can do. I am not trying to bad mouth loan modification companies, I am just clarifying the difference between the two business models.

Thank you,
Shane Barker
Shane Barker
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#28 eVader

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Posted 16 June 2009 - 10:05 PM

QUOTE (mylo @ Jun 16 2009, 02:27 PM) <{POST_SNAPBACK}>
Title: Benefits of Loan Modification
From: ImResolutions Short Sale and Loan Modification Services
Source: http://www.loanmodif...n-modification/



How is what you do not a loan modification?

Perhaps a Loan Modification\Attorneys Co.

As to the topic of predatory lending put 20+% down, neg a good rate and pay the monthly bills on time. Oh and we drive 4 and 11 yr old cars (no fancy 24" wheels or $6k stereo), live comfortably and enjoy life. Those that cry predatory lending yet have several new cars, toys, boats, ATVs, motorcycles, PWCs etc have only the mirror to blame.

#29 jafount

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Posted 17 June 2009 - 08:32 AM

Let's talk about who the real victims are. They are the people who have lost their jobs as the result of a false economic bubble created by a bunch of greedy scumbags.

Mind you, some of the greedy scum bags were borrowers who leveraged their home like an ATM machine so they could buy hummers and boats, etc., while keeping their monthly payment low due to the fantastic teaser rate loans. Of course, they didn't buy their toys for cash, they just used cash from their home so they could put money down on these toys. Then they pissed away their cash, ran up more credit card debt and CHA CHING refinanced again to cover that over spending. Now they are getting their homes foreclosed on and their cars and toys repo'd. Boo effing hoo.

On the other side, you have the greedy scumbag mortgage brokers who pushed these loans hard. Why? Because if you could get someone into a world savings pick a payment loan with a 1.25% initial teaser rate (oh did we mention that was just to qualify you and that your payment actually adjusts with the first due date?) it was worth about 1.5% in fees(yeah I'm making you a great deal!) on the front end, but about another 1.5% on the back end from the bank to the broker, known as a yield spread premium IF you lock them into a pre payment penalty. So, you refi your house to the average tune of $500k. Now do the math the math. 3% total return to a mortgage broker on one of these loans is $15,000 bucks. Not bad.

Now, this is not to say ALL mortgage brokers did this. Even though I believe they all did at one time or another but this is the basic scenario. Granted, there is overhead, yadda yadda yadda, but lets just say you cleared 30%. Get four or five of those in your pipeline and suddenly you have a pretty god revenue stream upwards of $250k per year. All for filling out a ten minute loan application. Nice.

Bottom line. Easy access to money cause a false supply and demand in the market place. This was created wen the Fed (which is a PRIVATE COMPANY NOT A FEDERAL GOVERNMENT BRANCH) unrestricted interest rates and brought them to false lows rather than let the open market dictate rates. This was a scheme developed specifically to help spur the real estate market engine in the hopes it would grow the rest of the economy. Well...it did for a while. But a ponzi scheme only lasts so long folks.

So, the fallout, is honest people who have lost their jobs as a result of the false bottom falling out of the real estate industry. Now you are hearing about the people who were responsible, who put 20-30% down on their home, took a fixed rate loan even though they were forced to buy at the same falsely high values and tightened their belt to make it work. So here's what I want to know mr. fraud investigator. Where's the freakin help for THOSE people. You know...the ones who had an 800 credit score but lost their jobs as a result of the continuing depression. Now they're caught up in the mess and the only ones getting this so-called "help" are the douchebags who were irresponsible in the first place. You want to impress me with your alleged help, show me some of those cases. Oh but wait. You can't. That wasn't predatory lending that's just bad circumstances.

Eff you and the $hitty group of blood sucking attorneys you represent. You're not here to "help" anyone. This is just an alternate revenue stream, and with all that freshly printed government money out there, your group is looking to snatch it up by "helping" those who clearly don't deserve it. I realize it's your job and your looking to make your own car payment and keep a roof over your own head, but seriously don't come at this group like your mr. helpful. You won't find sympathy for these eff-tards here. Do us all a favor and peddle your sleazy attorney-milked snake oil elsewhere.

*disclaimer-the above is meant in the nicest possible way*
We all dream of a world of sunshine and rainbows and peace. The problem is some people think this would be a great place to live, while others think it would be a great place to pillage.


#30 usloanauditors

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Posted 17 June 2009 - 08:33 AM

eVader,
I agree with you 100%! There are a lot of people that over extended themselves. That is their bed and now they have to lay in it but our clients are people that were totally taken advantage of. We have a very extensive pre-qualification process that weeds a lot of those people out that are "sue happy" or have just lost income. Not all stories are cut and dry but we are very cautious to only take on clients that were "TRULY" take advantage of. If you have just had a lose in income and you were fully aware of the program that you signed up for then you will not be a client that we will take on. Everything is filed in Federal Court and every client is reminded of the repercussions for lying in Federal Court. lmaosmiley.gif

Thank you again for your comments.

Sincerely,
Shane Barker
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