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Predatory Lending


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#31 jafount

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Posted 17 June 2009 - 08:38 AM

QUOTE (usloanauditors @ Jun 17 2009, 09:33 AM) <{POST_SNAPBACK}>
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

Yawn. They aren't lying. They're telling their version of the truth. It's up to attorneys to manipulate the truth to such an extent that a jury buys off on it.
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.


#32 Revolutionist

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Posted 17 June 2009 - 08:50 AM

QUOTE (usloanauditors @ Jun 17 2009, 09:33 AM) <{POST_SNAPBACK}>
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


How can people be totally taken advantage of? Isn't the entire basis of contract law that 2 parties willingly enter into an agreement. Just because one side didn't read the contract or didn't pay attention, or didn't understand, yet CHOSE to sign anyway, they should not be able to come back later and say "I was abused".

Now, if an entity, let's just say an organized crime unit, was holding their 3 year old hostage until a signature was granted, I might agree there was some abuse. But it is my freedom and right to enter into any contract I choose. If I choose a bad one, shame on me.






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#33 usloanauditors

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Posted 17 June 2009 - 08:53 AM

Jafount,
You bring up some great points and I agree with you to a point. I am not here to debate how this whole crisis happened and who is to blame. It is very complicated and complex but if you would like to come to office and see the cases that we have filed in Federal Court we can set up a meeting anytime (I am available). It is very easy to attack us and our business model from a far. That invitation is for anybody that would like come into the office and see the proof.

I understand that everybody has their own points of view but please don't attack me (A.K.A "Mr. Helpful") and my team. If you don't want to use the service then you don't have to. It is 100% ok with us but if you need help we are here.

This will be last posting since I have tons of other things to do and I appreciate all the feedback (positive and negative).

Have a great rest of the day! biggrin.gif

Sincerely,
Shane Barker


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#34 usloanauditors

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Posted 17 June 2009 - 09:11 AM

Revolutionist....great point!

Yes we are in America and we have to take responsibly for our actions but that is not the client we will take on.

Your point is valid for the person that *KNEW* what they were signing.

Here is an example of an actual client that we have:

Facts:
-72 years old (Elderly Lady)
-Own her house for 32 years
-Broker comes to her house after her husband died (one year earlier)
-He came to her house & signed her up for a Pick A Payment (more money in his pocket) & told her she can take cash out and have a lower payment each month.
-He overstated her income to $4,500 (she was on a fixed income of $2,000)
-Lower payment sounded great to her...so she take out $50,000 (to pay off credit card from her husband's funeral)
-She pays the minimum payment (it was never disclosed that it was a Neg Am payment) and it just adjusted from $1,500 to $2,900.
-Now she is losing her property!

Not exactly the organized crime story you explained but if that was your grandma, I think you would be a little more sympathetic!

That is my final point!

Thank again for listening!

Cheers,
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

#35 bordercolliefan

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Posted 17 June 2009 - 09:21 AM

Yeah, Revolutionist, I think you may overestimate the ability of some folks to understand what they were getting into. Not everyone is as smart as you!

I talked to an older couple who did everything right. They are devout Mormons, worked hard all their lives, saved some money, and then got hit by Hubby's devastating health crisis -- with a resulting loss of job and health insurance. Soon, they were in trouble with their mortgage. Wife called me to look at the mortgage paperwork. She handed me a stack about 1 inch thick -- believe me, no one could read all that fine print! She said, "We don't understand all this legal language. We just asked the guy over and over, is it FIXED? We want a FIXED mortage. The guy kept telling us, yes, it's a fixed payment."

Well, the payment was fixed all right, but what I learned through a painstaking reading of the fine print was that the "fixed" payment was negative amortization -- so the house kept getting more and more underwater. Evidently the mortgage broker didn't take the time to explain this to them, probably figuring he'd be long gone by the time they got into trouble.

Very very sad case. These are very honest, salt-of-the-earth people -- but they came of age in a time that didn't have all these tricky, fancy-smancy mortgages.

I'm sure there are some people who intentionally over-extended themselves. But don't condemn everyone until you've listened to the stories of real people.

#36 mylo

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Posted 17 June 2009 - 09:23 AM

So, it's predatory because she's old (72) and couldn't read the contract she signed? This of course assumes that the Neg Am payment was legally disclosed, as required.

I don't know about anybody else, but I never sign anything I don't fully understand. If I'm signing up for an expensive financial commitment, and there's something I don't get, hire a freaking lawyer to interpret it for you!
"Ah, yes, those Gucci extremists and their Prada jihad!" --ducky

#37 mylo

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Posted 17 June 2009 - 09:30 AM

QUOTE (bordercolliefan @ Jun 17 2009, 10:21 AM) <{POST_SNAPBACK}>
Very very sad case. These are very honest, salt-of-the-earth people -- but they came of age in a time that didn't have all these tricky, fancy-smancy mortgages.

A sad story, indeed. However, every age and time has had predators trying to steal money from people. Self preservation and self reliance are basic traits of human nature. If you can't look after your own financial well being, or ask the appropriate (and trust-worthy, see also: third party) people, you're setting yourself up to get scammed.

This isn't about fancy smancy mortgages, or 80's pyramid schemes, or pick pockets, or snake oil, or bank robbers. It's basic self preservation!
"Ah, yes, those Gucci extremists and their Prada jihad!" --ducky

#38 folsombound

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Posted 17 June 2009 - 09:31 AM

It appears to me that this thread ought to be in the business section, not in general discussion. The OP is really trolling for business not just starting a discussion. I don't have a problem with their trying to drum up business but I think the original post was dishonest.

#39 Revolutionist

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Posted 17 June 2009 - 10:15 AM

QUOTE (usloanauditors @ Jun 17 2009, 10:11 AM) <{POST_SNAPBACK}>
Revolutionist....great point!

Yes we are in America and we have to take responsibly for our actions but that is not the client we will take on.

Your point is valid for the person that *KNEW* what they were signing.

Here is an example of an actual client that we have:

Facts:
-72 years old (Elderly Lady)
-Own her house for 32 years
-Broker comes to her house after her husband died (one year earlier)
-He came to her house & signed her up for a Pick A Payment (more money in his pocket) & told her she can take cash out and have a lower payment each month.
-He overstated her income to $4,500 (she was on a fixed income of $2,000)
-Lower payment sounded great to her...so she take out $50,000 (to pay off credit card from her husband's funeral)
-She pays the minimum payment (it was never disclosed that it was a Neg Am payment) and it just adjusted from $1,500 to $2,900.
-Now she is losing her property!

Not exactly the organized crime story you explained but if that was your grandma, I think you would be a little more sympathetic!

That is my final point!

Thank again for listening!

Cheers,
Shane Barker


sad story.
but yes, she chose to sign up with this guy
of her own free will.

She was in a good position and chose to give it away.

I would be angry at my grandma for not calling me first.
or at least calling another lender for a second opinion.

buying a house is the single largest investment (or expenditure, however you look at it) 98% of folks make. they should take reasonable care in doing so.

And, as for BC's story, it doesn't matter what was verbally said, the contract is the contract, and they should have read it. Or hired a lawyer to read it for them (it doesn't cost that much in the grand scheme of things).

Anything that erodes the sanctity of a contract diminishes free will, personal liberty, and personal responsibility.

Have I been burned in the past? yes. will I in the future? maybe. But when it comes to signing my name, I do it of my own accord, and should be held responsible for it.


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#40 Darth Lefty

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Posted 17 June 2009 - 12:27 PM

So have these guys signed up as advertisers yet?
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#41 folsombound

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Posted 17 June 2009 - 12:34 PM

QUOTE (Darth Lefty @ Jun 17 2009, 01:27 PM) <{POST_SNAPBACK}>
So have these guys signed up as advertisers yet?



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#42 Steve Heard

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Posted 08 October 2010 - 07:58 AM

Remember these guys? I knew I smelled a rat.

Now, they are up on fraud charges:

"California Attorney General Jerry Brown on Wednesday filed a $60 million lawsuit against two local companies that worked together to help distressed homeowners but failed to deliver as promised.

The suit targets US Loan Auditors and My US Legal Services, both of Rancho Cordova, as well as five people in the companies, including two attorneys.

Brown says the companies used deceptive marketing to lure in customers and then provided little or no meaningful help while collecting large up-front fees.

“These defendants dangled the term ‘forensic loan audit’ as a sure-fire remedy for the mortgage problems of homeowners in distress,” Brown said in a release “In fact, it was no remedy at all, and hundreds of desperate California homeowners took the bait and lost their money — and sometimes their homes.”

The suit seeks civil penalties, restitution for victims, and permanent injunctions against the companies and the defendants."


http://www.bizjournals.com/sacramento/stories/2010/10/04/daily44.html

and this:

"Facing foreclosure on their Natomas home a year ago, Mike and Carolyn Durbin were intrigued when they got an official-looking letter saying their bank was under investigation.

The letter was from a Rancho Cordova company called US Loan Auditors Inc., promising to help the Durbins keep their home. The couple paid the firm more than $8,000 in fees – and say they got very little in return.

"They didn't do squat, they didn't talk to the bank, they didn't do anything," Mike Durbin said Thursday. The Durbins ended up losing their home and filing for bankruptcy.

State officials say hundreds of Californians had a similar experience. On Wednesday, Attorney General Jerry Brown sued US Loan Auditors; its sister company, My US Legal Services; and the firm's three co-owners for fraud.

The lawsuit, which demands $60 million in refunds and fines, also names two lawyers who allegedly assisted the two companies.

According to Brown's lawyers, the two firms persuaded troubled homeowners to halt their mortgage payments and instead pay them thousands of dollars for a "forensic loan audit." The audit supposedly revealed improper lending methods. The customers were then duped into paying thousands more to file dubious lawsuits against their banks or mortgage brokers.

"They said, 'Why pay good money on a bad loan? Pay us, and we'll fight for you,' " said Jenny Lawson, who lost her Elk Grove home and lives in a trailer park near Isleton with her husband, Tim. "They said, 'You have a really good case, it's a slam dunk,' all that baloney."

The Lawsons paid the firm about $9,000 – nearly $4,000 for the audit and an additional $5,000 to file a lawsuit. She and her husband were evicted from their home a month ago.

The state's lawsuit says the audits performed on homeowners' mortgages were bogus. Several months after the audit was done on the Durbins' loan, the couple got an apology from an employee at US Loan, according to Carolyn Durbin.

"The paperwork had never been looked at," she said.

Officials with US Loan and My US Legal have said their lawyers are reviewing Brown's lawsuit and will respond.



Read more: http://www.sacbee.co...l#ixzz11mdPPTA6


This kind of predatory crap makes me sick. How could you take advantage of people when they are losing their home?

Steve Heard

Folsom Real Estate Specialist

EXP Realty

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Owner - MyFolsom.com

916 718 9577 


#43 asbestoshills

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Posted 08 October 2010 - 08:07 AM

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. <img src="http://www.tomatopag...IR#>/smile.gif" style="vertical-align:middle" emoid=":)" border="0" alt="smile.gif" />

Thank you!
Sincerely,
Shane Barker


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#44 Thinkingoutloud

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Posted 08 October 2010 - 08:47 AM

Remember these guys? I knew I smelled a rat.

Now, they are up on fraud charges:


Steve Heard for Attorney General!!!

You are indeed a good rat-sniffer my friend. Keep it up! :D:

#45 Bill Z

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Posted 08 October 2010 - 09:22 AM

Steve Heard for Attorney General!!!

You are indeed a good rat-sniffer my friend. Keep it up! :D:

Too funny, but like they say

If it smells like a rat, it's probably a rat.
I would rather be Backpacking





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