Jump to content






Photo

Predatory Lending


  • Please log in to reply
52 replies to this topic

#1 FraudInvestigator

FraudInvestigator

    Newbie

  • Registered Members
  • Pip
  • 3 posts
  • Location:Sacramento, CA
  • Interests:Helping others, Music, Dance, Reading, Networking, Spending time with Wife & 2 Boys, Twitter, Facebook, Enjoying this Gift called Life.

Posted 15 June 2009 - 12:49 PM

This will be a place where you can discuss, vent, or ask eachother questions about Predatory Lending. If you were lied to, mislead, bait and switched, charged excessive fees at closing, etc...Lets share those stories, and maybe It will help someone else from being victimized In the future.
Gabriel Thomas
916-248-5761 Direct
916-256-1077 Fax
gabe@usloanauditors.com

#2 Revolutionist

Revolutionist

    Liposuction for the brain

  • Premium Member
  • PipPipPipPipPipPipPip
  • 1,336 posts
  • Gender:Male
  • Location:Natoma Station

Posted 15 June 2009 - 03:51 PM

QUOTE (FraudInvestigator @ Jun 15 2009, 01:49 PM) <{POST_SNAPBACK}>
This will be a place where you can discuss, vent, or ask eachother questions about Predatory Lending. If you were lied to, mislead, bait and switched, charged excessive fees at closing, etc...Lets share those stories, and maybe It will help someone else from being victimized In the future.


let's instead talk about personal responsibility and not entering into a mortgage contract you know very well you cannot afford.


Posted Image


#3 Dat Orc Homey

Dat Orc Homey

    Netizen

  • Registered Members
  • PipPipPip
  • 71 posts

Posted 15 June 2009 - 04:34 PM

Yo FI! Those wack lenders done lent me sum major benjamins for ma crib and I can't be repayin those suckas! They gonna repossess my crib, but that's aight, I'm rollin deep on 24s now.

Any other suckas out there get played on a loan fer ya crib?

Peace out!
Rollin deep in a Lincoln

#4 Steve Heard

Steve Heard

    Owner

  • Admin
  • 13,670 posts
  • Gender:Male

Posted 15 June 2009 - 04:54 PM

Gabriel

Why don't you just come out and say that you are a loan modification company looking for business?

Steve Heard

Folsom Real Estate Specialist

Keller Williams Realty

BRE#01368503

Owner - MyFolsom.com

916 718 9577 


#5 (MaxineR)

(MaxineR)
  • Visitors

Posted 15 June 2009 - 05:01 PM

QUOTE (stevethedad @ Jun 15 2009, 05:54 PM) <{POST_SNAPBACK}>
Gabriel

Why don't you just come out and say that you are a loan modification company looking for business?


NO! He wouldn't!

Wait, isn't that what you do here, Steve...try to drum up business for your self?

I've seem a lot of threads here, from posters advertising their business. Since when is this something that's unheard of?


#6 Darth Lefty

Darth Lefty

    Disco Infiltrator

  • No Politics!
  • PipPipPipPipPipPipPipPipPipPip
  • 5,578 posts
  • Gender:Male
  • Location:The OV
  • Interests:Volunteer with a service club like Active 20-30, and you CAN make a difference!

Posted 15 June 2009 - 05:53 PM

QUOTE (MaxineR @ Jun 15 2009, 06:01 PM) <{POST_SNAPBACK}>
NO! He wouldn't!

Wait, isn't that what you do here, Steve...try to drum up business for your self?

I've seem a lot of threads here, from posters advertising their business. Since when is this something that's unheard of?

Thank you to our generous sponsors... they keep MyFolsom.com fast and free!

California Family Fitness
Flahive Law Corporation
The Little Gym
Weideman Pediatric Dentistry
Park Folsom - Senior Retirement Community
Folsom H2O Purified Water and Ice
Manderes Great food, great wine, great beer
Thomas & Associates
Enlyten Strips
Always Clear Nichols Pool Services, Inc.
Litchney Law Firm, P.C.
The Ravine Bar & Restaurant
JB Carpet Crew
Jazzercise
Bankruptcy Protection - Flahive Law
French Cuff Consignment
Folsom Firecracker 5K/10K
Advertise on this Website
This could be your ad!
Kirala Sushi
The Beauty Center
Folsom Rodeo
Old Europe
The Independence Group
Tile Outlet Always In Stock
Patio Pros
Kids Care Dental Group - Jared Danielson, DDS
Steve Heard - Intero Real Estate
Ruchi Indian Cuisine
B&H BUSINESS & HOME CONSTRUCTION
"I enjoy a bit of cooking, and this has always worried me. But it's OK. I only like it because it allows me to play with knives." - James May

Genesis 49:16-17
http://www.active2030folsom.org

#7 mylo

mylo

    Mmm.. Tomato

  • Moderator
  • 16,763 posts
  • Location:Folsom

Posted 15 June 2009 - 06:02 PM

QUOTE (Darth Lefty @ Jun 15 2009, 06:53 PM) <{POST_SNAPBACK}>
Thank you to our generous sponsors... they keep MyFolsom.com fast and free!

California Family Fitness
Flahive Law Corporation
The Little Gym
Weideman Pediatric Dentistry
Park Folsom - Senior Retirement Community
Folsom H2O Purified Water and Ice
Manderes Great food, great wine, great beer
Thomas & Associates
Enlyten Strips
Always Clear Nichols Pool Services, Inc.
Litchney Law Firm, P.C.
The Ravine Bar & Restaurant
JB Carpet Crew
Jazzercise
Bankruptcy Protection - Flahive Law
French Cuff Consignment
Folsom Firecracker 5K/10K
Advertise on this Website
This could be your ad!
Kirala Sushi
The Beauty Center
Folsom Rodeo
Old Europe
The Independence Group
Tile Outlet Always In Stock
Patio Pros
Kids Care Dental Group - Jared Danielson, DDS
Steve Heard - Intero Real Estate
Ruchi Indian Cuisine
B&H BUSINESS & HOME CONSTRUCTION

I love those guys!
"Ah, yes, those Gucci extremists and their Prada jihad!" --ducky

#8 Steve Heard

Steve Heard

    Owner

  • Admin
  • 13,670 posts
  • Gender:Male

Posted 15 June 2009 - 06:31 PM

QUOTE (MaxineR @ Jun 15 2009, 06:01 PM) <{POST_SNAPBACK}>
NO! He wouldn't!

Wait, isn't that what you do here, Steve...try to drum up business for your self?

I've seem a lot of threads here, from posters advertising their business. Since when is this something that's unheard of?


Maxine, thanks for the opportunity to reply. Although I first came to myfolsom.com to discuss some political and parenting issues, it has become the number one source for my business. Yes, indeed, I do come here to try to drum up business here, and it works. That's why I advertise here, and I encourage others to advertise here, as well.

You are correct that there are others creating threads to advertise their businesses. I encourage this, too. Myfolsom has become an outstanding community resource where people can get info and referrals for all sorts of products and services.

With over 5000 members and thousands more residents visiting the site, there is plenty of business for everyone.

The difference is that you know this to be true because the advertisers and service providers are up front about it.

I'm all for a honest forum for discussion of predatory lending, but with more government oversight, wary consumers, skeptical lenders and investors, and with fixed rates often cheaper than adjustables, the days of sub-prime and predatory lending are effectively behind us, and anyone in the business knows this.

Many of those who used to sell sub-prime loans have now turned to loan modification, offering to 'modify' the very loans they sold only a few years ago.

I am not suggesting that Gabriel is dishonest, but with so much skepticism about the industry, with warnings from the Department of Real Estate, FBI and District Attorneys, and knowing the tactics used by sub-prime and loan mod companies, I think it best to come right out with it.

Gabriel, I apologize if I seem harsh, but I am sure you are aware of the press and the skepticism about the loan modification business. Perhaps I could have simply said, "I see by your signature that you represent a loan modification company. Is tha why you started this thread? Do you charge for your services? If so, how much. Must it be paid in advance? Do you have a letter with the Department of Real Estate? What's your success rate? Your refund policy?"

See the following links:

http://www.google.co...AW_enUS324US324

http://www.google.co...AW_enUS324US324

Steve Heard

Folsom Real Estate Specialist

Keller Williams Realty

BRE#01368503

Owner - MyFolsom.com

916 718 9577 


#9 5hannon

5hannon

    Veteran

  • Premium Member
  • PipPipPipPip
  • 238 posts

Posted 15 June 2009 - 06:57 PM

"maybe It will help someone else from being victimized In the future " <-- are you KIDDING?

HELLO... I'm sorry, but I am feeling like the victim here. It seems that I'm expected to pay for loans that were not honored, unisured motorist coverage for those who opt to drive and not have insurance and healthcare (it seems for everyone) uninsured.

There are reasons that the government requires a settlement statement and the stacks of papers required for a mortgage - the person obtaining the loan (and yes, the benefit of the funds), is supposed to read them!

While I think some were taken advantage of... others were GREEDY and thought that real estate was a "sure thing" investment. They overextended themselves with loans, homes, credit cards, cars, boats and other things they could not afford.

I wish everyone good luck - some truly have bad luck, the rest of us make our own luck.

Sorry, I've run out of sympathy today and tomorrow is not looking good either!
5hannon
pacmaneats.gif


#10 usloanauditors

usloanauditors

    Newbie

  • Registered Members
  • Pip
  • 9 posts
  • Location:Sacramento

Posted 15 June 2009 - 08:54 PM

Well I am excited to see that people have started to reply to our forum but the only downside is that people started to make false assumptions. Let me answer as many of the questions as possible.

1. Are a Loan Modification Company?
Answer: No...Not at all. We are company that does forensic loan audits and then take that audit plus the story and sues the lender in Federal Court. Please don't get us confused us with a loan modification company.

2. Do we collect upfront fees?
Answer: We do a two-three questionnaire on the phone to see if the people may have been a victim, then we have the client come in to our offices (http://www.usloanaud...contact-us.html) with their loan documents so that we can evaluate if there was any potential predatory lending. If there is a potential of predatory lending then we move forward with a forensic audit. There will be a charge for the forensic audit (depending on your loan amount).

3. Do we think that EVERYBODY was a victim?
Answer: Ok course not. Since everything we do is in Federal Court is extremely important that we have a solid case. We don't take weak cases so people that are just looking to sue will not be taken as clients.

4. Are we trying to market our services?
Answer: Yes and no. We are definitely trying to help educate the homeowner's so they know and understand ALL of their options. Will that bring us business? If the trust is there it will bring us business.

5. Are all Brokers and Lenders bad?
Answer: Of course not. In every industry there are always going to be a few apples. And unfortunately those bad apples really plagued an industry. If you don't believe us, take a look at our blog (http://www.usloanauditors.com/blog/).

Please before everybody start to pass judgment on myself, the company and what we do I would invite you look further into our business model. We are members of the Better Business Bureau and the Sacramento Chamber of Commerce. We truly people homeowner's and we started this forum to help other people that have been taking advantage of. I do understand that not everybody is a victim but there are a lot of people that were taken advantage of. We have seen a lot of elder abuse, bait and switches plus other unethical tactics business practices. If you don't want to post your experience that is 100% ok but please be careful with judging and making assumptions.

If you want to see the cases that we have filed in Federal Court, you can go to our sister company, US Legal Advisors (Practice-->recent cases)

Thank you again and please keep this forum and all comments positive. smile.gif

Thank you!
Sincerely,
Shane Barker



Shane Barker
Co-Founder
888-55-AUDIT - Toll Free
916-248-5762 - Direct
916-548-0399 - Cell
916-258-0302 - Fax
http://www.usloanauditors.com
http://www.uslegaladvisors.com

#11 Steve Heard

Steve Heard

    Owner

  • Admin
  • 13,670 posts
  • Gender:Male

Posted 15 June 2009 - 09:26 PM

Shane

Thanks for your reply, and welcome to the forum. I don't want to beat you up, but I think where we get confused and think you are a loan modification company is where it says on your website, "Let us perform a loan audit to see if you have legal grounds to renegotiate the principal on your mortgage."

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?







Steve Heard

Folsom Real Estate Specialist

Keller Williams Realty

BRE#01368503

Owner - MyFolsom.com

916 718 9577 


#12 Darth Lefty

Darth Lefty

    Disco Infiltrator

  • No Politics!
  • PipPipPipPipPipPipPipPipPipPip
  • 5,578 posts
  • Gender:Male
  • Location:The OV
  • Interests:Volunteer with a service club like Active 20-30, and you CAN make a difference!

Posted 15 June 2009 - 09:33 PM

QUOTE (stevethedad @ Jun 15 2009, 10:26 PM) <{POST_SNAPBACK}>
ah ththe confusion or nit-pik, but I did not jump to conclusions about your company yuouunana

Concentrate Steve, you almost had him til this bit!
"I enjoy a bit of cooking, and this has always worried me. But it's OK. I only like it because it allows me to play with knives." - James May

Genesis 49:16-17
http://www.active2030folsom.org

#13 Steve Heard

Steve Heard

    Owner

  • Admin
  • 13,670 posts
  • Gender:Male

Posted 15 June 2009 - 09:35 PM

QUOTE (Darth Lefty @ Jun 15 2009, 10:33 PM) <{POST_SNAPBACK}>
Concentrate Steve, you almost had him til this bit!

D'oh! Must complete edit before posting. All fixed now.

Steve Heard

Folsom Real Estate Specialist

Keller Williams Realty

BRE#01368503

Owner - MyFolsom.com

916 718 9577 


#14 usloanauditors

usloanauditors

    Newbie

  • Registered Members
  • Pip
  • 9 posts
  • Location:Sacramento

Posted 16 June 2009 - 09:49 AM

Hey Steve,
No worries at all. People are always comparing us to the Loan Modification companies (we are use to it). There are a number of things that make us different than Loan Modification companies.

What makes us different:

1. We don't take everybody on as a client. We are very picky about who we take on. We have a two step process that you must go through before we make that decision on whether to take the case or not.

2. We don't take your money and leave you in the dark. We have a very realistic time line on our processes. We also have "live" person from Sacramento that will answer your calls and give you updates when needed.

3. EVERY single case is filed in FEDERAL court. We pair our forensic loan audit with our legal case management team and they will represent you in FEDERAL court.

4. We won't waste your time! If we say that we can move forward then we can. We have three levels of compliance that your file will go through to confirm the legitimacy of the case.

There are TONS of other reasons but the best way to answer your questions is to contact us directly (email or phone) and then we can do a FREE Evaluation!

Please consider this less of a solicitation but more of a way for us to give back to the community.

Thank you again, Steve, for your questions!

Take Care, my friend! biggrin.gif
Shane Barker
Co-Founder
888-55-AUDIT - Toll Free
916-248-5762 - Direct
916-548-0399 - Cell
916-258-0302 - Fax
http://www.usloanauditors.com
http://www.uslegaladvisors.com

#15 curiousity

curiousity

    Superstar

  • Premium Member
  • PipPipPipPipPipPip
  • 592 posts

Posted 16 June 2009 - 10:32 AM

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
QUOTE
With our program it is possible to:

Reduce the principal balance on your mortgage
Reduce your interest rate
Reduce your monthly payments

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




0 user(s) are reading this topic

0 members, 0 guests, 0 anonymous users