The 20 Worst Loan Modification Companies

Many people have been asking me to post a list of loan modification companies about which I’ve received complaints. The list I’ve compiled includes companies that claim to offer a money-back guarantee and have either failed to deliver a loan modification or refused to offer a refund to homeowners.

To be removed from this list, a loan modification company must offer written proof that it will give a full refund to the homeowners who complained.

The following are the companies on my list:

•    Green Credit Solutions
•    Peoples First Financial
•    United Law Group
•    Excel Loss Mitigation
•    Nations Choice
•    USA Mortgage Aid
•    Mortgage Assistance Center
•    Bank Modifications, Inc
•    Apply2Save
•    AmeRestart aka Equinaire
•    Choice Loans Consulting
•    Samaritan Financial
•    Resolutions Mortgage Group
•    Federal Loan Modification Law Center
•    Mortgage Mitigation Clearing House
•    Woosh.com aka Manhattan Mortgage
•    Coastal Pacific
•    New Beginnings Loan Modification Services
•    North American Relief
•    US Justice Foundation

None of the companies listed here have been approved by DRE to accept upfront fees. All but Samaritan Financial and Mortgage Mitigation Clearing House are located in California.

Mass AG Busts Up Shady Mod Company!

Jerry Kronenberg at the Boston Herald wrote this great article about  how Martha Coakley, the Mass AG busted up LoanModsByLawyers.com.

http://www.bostonherald.com/business/general/view/2009_03_26_AG_blocks_mortgage-rescue_co__with_ads_in_Metro/srvc=business&position=also

ABC 30 in Fresno does a story about Peoples First Financial

http://abclocal.go.com/kfsn/story?section=news/local&id=6715133

Thanks to our friend Josh for sending it in.   I have been getting alot of complaints about PFF since the 20/20 piece aired.  Please keep these stories coming.  I am building a list of victims and their stories.  I am going to turn it over to the California Attorney General’s office and California DRE.  The more victims and complaints I have the better!  I have another story about them in the works that will be posted this weekend.  

I am looking for people who have had dealings with the Wannabe Used Car Salesmen at Green Credit Solutions.  I have received a number of complaints about them as well.  

Steve

MFI-Mod Squad is offering a $3500 Reward

MFI-Mod Squad is offering a $3500 reward for information that leads to the arrest and conviction of Chris Campbell of Lionstar Financial.

MFI-Mod Squad works to expose illegally run loan modification companies. These companies convince desperate homeowners to pay them huge upfront fees and intend to take the money and run. That’s what happened to Dan Howard and Nickie Struthers, a Florida couple.
 
In August 2008, Dr. Howard’s fiancée, Nickie Struthers, was contacted by Chris Campbell about doing a mortgage loan modification. Mr. Campbell convinced the couple that he could save their house from foreclosure but needed a check for $3500 to do so. Instead of keeping his promise, Mr. Campbell made excuses for three months and sent them letters that he claimed were from their bank. The bank had never written those letters. So, Dr. Howard and Ms. Struthers contacted MFI-Mod Squad to investigate.
 
MFI-Mod Squad discovered:
 
·         Lionstar Financial is in direct violation of California Department of Real Estate guidelines, which require all modification companies that charge an advance fee to be approved and have their fee agreements approved. Lionstar hasn’t been approved. 
·         Chris Campbell and Lionstar lack proper licensing through DRE.
·         California law bars any foreclosure rescue company or loan modification company from charging an upfront fee if the client is in default.
·         Chris Campbell shared Dr. Howard and Ms. Struthers’ information with third parties without their consent.
 
Steve Dibert, owner of MFI-Mod Squad, attempted to contact Chris Campbell but was ignored. So, Dibert started publicizing the investigation of Lionstar Financial on the MFI-Mod Squad website, which has since been featured on CNBC and ABC News. 
 
“Chris Campbell finally started talking when his name was mentioned on national television. He gave pathetic excuses and bogus documents to my client and the media,” says Steve Dibert. “I know there are other victims, so I’ve decided to offer a $3500 reward for any information that leads to the arrest and conviction of Chris Campbell.”
 
If you have been a victim of Chris Campbell, have first hand knowledge of someone who was or know details of Lionstar Financial’s business dealings, feel free to email me.  Your information will be kept in the strictest of confidence.

ABC News Confronts Peoples First Financial

ABC News did a segment on 20/20 Friday about shady loan mod companies and used Peoples First Financial as an example.  If you follow the stories on MFI-Mod Squad, you’ll know I already exposed Peoples First Financial as the scam artists they are back on February 10th.   Here’s the written article and video clip from the ABC News  website:

http://abcnews.go.com/Business/Story?id=7132970&page=1

Mod Companies in CA Who Collect Upfront Fees Must Be On This List!

More Chronicles of a Con Man – The Wannabe Spaulding Grey of BS

Several weeks ago, after I came home from Detroit, I received a call from an ABC News producer at 20/20 who wanted to do a segment on modification scams.   They saw the story the ABC Radio News Reporter did here in Miami and felt it would make a great segment.  They wanted to speak to my clients, Nickie and Dan.  I arranged the interview and flew to Tampa to be interviewed as well.   I spent last Monday being interviewed which was pretty cool.  How much of my interview they’ll use I don’t know but everyone ABC News was pretty cool.   It’s supposed air Friday, March 20th. 

Then last week, I hear the elusive Chris Campbell is talking to the media.  This time he says, he has approached Nickie and Dan about paying them back in installment payments (which is not true) because he is working a “regular job”, whatever that means.  He then tells members of the media that he handed the file over to Peoples First Financial and they took the money he collected from Nickie and Dan and then were shut down by the state of California. Thus, having no way to retrieve the money.   The only problem with this excuse is my client asked for their money back in November.  Peoples First Financial was issued a cease and refrain order by DRE  in January of this year.   This excuse is on top of the many other excuses he has given which are all lies.  When he was asked why he didn’t respond to my emails, phone calls, certified letters, etc., he claimed he was “too depressed”  to respond.

I’ve worked in politics and sales my entire life.  I’ve waded through a lot of BS and I listened to the best.  Chris Campbell just doesn’t know when to just shut up, admit he’s lost and pay back my client because he’s just digging himself deeper and deeper into a hole.  He’s already destroyed what little credibility he had and besides that, he’s not a very good liar.