1/25/2011 11:55 AM (PST)

Angela,

They have an F rating with the BBB: http://www.vegasbbb.org/rptrel.asp?bbbid=80521
Are they asking for upfront fees? I don't know what state you are in, but as of January 31, the new FTC rule banning advance fees goes into effect everywhere. The FTC is trying to stop the rampant abuse by loan mod companies. We have an article on our Facebook page about the new FTC rules for loan modifications:

http://www.facebook.com/notes/bbb-of-the-southland/ftc-issues-final-rule-to-protect-struggling-homeowners-from-mortgage-relief-scam/10150105515042195

In general, we recommend that if you are having trouble making your mortgage payments we would recommend that you first seek a loan modification through aHUD approved non-profit housing counselor ASAP. Call the national foreclosure prevention hotline at 888-995-4673 to speak with a HUD certified housing counseling agency. They can evaluate your housing options, open lines of communication with mortgage lenders, negotiate a loan modification, and help you with household budgeting, all at no cost.

By the way, when you call this national housing counseling hotline you can have any complaints against any foreclosure/loan modification company you've dealt with entered into the national loan mod complaint database (www.preventloanscams.org) at the same time, so that you don't have to go to that site and duplicate your effort). Be sure to mention to the housing counselor that you want to do this.

www.preventloanscams.org was launched in March 2010 and they’ve got an online complaint form for referring loan mod scams to law enforcement agencies (but again, you shouldn't need to do this separately if you call the national housing hotline at 888-995-4673).

1/25/2011 12:58 PM (PST)

Can you tell me are there any legitimate companies other than HUD agencies. I did call one of those HUD numbers and my mortgage company Wells Fargo reviewed the numbers with their representative in about 10 minutes and they declined me on the spot. My income and expenses were at a deficit of about $300.00, that was it, and they said the computer did not approve the Loan Modification. We were not a candidate. I am on a fixed income, my husband died, and they still won't help me. That is why I have turned to these other companies who claim they can help me. Do you know someone named Steve Myers with Young and Associates and the Pinnacle Law Firm out of Florida. They too say that they are 99% sure they can help me. My loan is interest only at 6.5 interest rate. They say with knowing all of that I definitely qualify.

Thank you for your response.

1/26/2011 6:58 AM (PST)

What state do you live in? Special programs for Loan Modification, Unemployment and Renter Assistance Programs are being launched early this year in CA, FL, MI, AZ, and NV. Last spring these five "Hardest Hit" mortgage meltdown states were awarded large amounts of federal funding to help low and moderate income homeowners with loan modification and unemployment assistance programs. You may be able to qualify and I would check it out if I were you.

California:
In 2010 California received $2 billion from the Treasury Department to help California families who are struggling to pay their mortgages. The funds are being administered by the California Housing Finance Agency under an umbrella initiative called “Keep Your Home” - see www.keepyourhomecalifornia.org

The four Keep Your Home Programs are:
? Unemployment Mortgage Assistance – launched, call 888-954-KEEP (5337)
? Mortgage Reinstatement Assistance Program – expected to launch 2/7/11
? Principal Reduction Program – expected to launch 2/7/11
? Transition Assistance Program – expected to launch 2/7/11

CalHFA has designated a California-based nonprofit housing counseling agency to be the processing center for the California programs. Counselors in the center will answer inbound calls from homeowners, collect application data, verify eligibility, provide recommendations to homeowners about their options, and execute the enrollment of homeowners into the appropriate CalHFA programs.

Florida, Arizona, Nevada, and Michigan:
Florida, Arizona, Nevada, and Michigan also received “Hardest Hit” funds and are developing similar programs to the ones listed above. If you are a resident of one of those states you should check with your state’s housing department to see about availability of mortgage or unemployment assistance (to our knowledge none of them has launched yet).

Florida - www.floridahousing.org/HousingResources/ForeclosurePreventionLinksAndResources/FloridaHardest-HitHelpProgram/

Michigan - www.michigan.gov/mshda/0,1607,7-141--235359--,00.html

Arizona - www.housingaz.com

Nevada - www.nvhousing.state.nv.us

1/26/2011 6:58 AM (PST)

disregard question marks - cutting and pasting bullets translated to ? in the posting above.

1/26/2011 2:59 PM (PST)

I live in New York. I am 80 years old my husband died 6 months ago. I need an advocate to help me negotiate with Wells Fargo. I need help and don't know what to do! Why do you know so much about this subject?