Lot of Scam Artists Joining Loan Modification:
A look at both print and electronic media suggests a new proliferation of loan modification services. Most of them by incompetent people who wants to make a quick buck and then disappear again. First of all, this catastrophe is brought by these rouge elements in the first place. There were loan officers who did not know anything about financial statements, how to read various discolusre forms, know anything about TILA or RESPA regulations, had the only one motivating factors and that was how to make quick money. They indeed made quick money but look at the end result. The whole country has suffered because of these uncouth and incompetent people. In my office, I get calls from these loan modification agencies all the time, they needed some kind of legal umbreall where they can work and get a legal shelter. I got a call few days from some California office, where a femal caller introduced herself as “working from an attorney’s office”. When I asked her specifically what attorney’s office, she was hesitant to tell me the name of the attorney. When I pressed her, she told me that they are not an attorney’s office but in fact working with an attorney’s office. I recall most of these loan officers in Las Vegas were former valet people, black jack dealers, people who were doing your landscaping and carpet cleaning services. They overnight become senior loan officers and branch managers. Folks who had entrusted them, are suffering consequences. Many people I know had sued them, and lots of them are behind jail or had declared bankruptcy. So, I request please do not trust these folks. They have no experience, they have no negotiating skills. They are here only to make a quick buck. Ask them the following questions”
1. Had they worked as a loan officer previously?
2. Do they have a current license from the State of Nevada Lending and Mortgage Division?
3. Do they have a business license from the City of Las Vegas or Clark County?
4. Do they have website?
5. What exactly they can do and deliver? Ask to get everything in writing?
6. Please do not give any advance money to them? You would never see it again.
A look at both print and electronic media suggests a new proliferation of loan modification services. Most of them by incompetent people who wants to make a quick buck and then disappear again. First of all, this catastrophe is brought by these rouge elements in the first place. There were loan officers who did not know anything about financial statements, how to read various discolusre forms, know anything about TILA or RESPA regulations, had the only one motivating factors and that was how to make quick money. They indeed made quick money but look at the end result. The whole country has suffered because of these uncouth and incompetent people. In my office, I get calls from these loan modification agencies all the time, they needed some kind of legal umbreall where they can work and get a legal shelter. I got a call few days from some California office, where a femal caller introduced herself as “working from an attorney’s office”. When I asked her specifically what attorney’s office, she was hesitant to tell me the name of the attorney. When I pressed her, she told me that they are not an attorney’s office but in fact working with an attorney’s office. I recall most of these loan officers in Las Vegas were former valet people, black jack dealers, people who were doing your landscaping and carpet cleaning services. They overnight become senior loan officers and branch managers. Folks who had entrusted them, are suffering consequences. Many people I know had sued them, and lots of them are behind jail or had declared bankruptcy. So, I request please do not trust these folks. They have no experience, they have no negotiating skills. They are here only to make a quick buck. Ask them the following questions”
1. Had they worked as a loan officer previously?
2. Do they have a current license from the State of Nevada Lending and Mortgage Division?
3. Do they have a business license from the City of Las Vegas or Clark County?
4. Do they have website?
5. What exactly they can do and deliver? Ask to get everything in writing?
6. Please do not give any advance money to them? You would never see it again.
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