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  #1  
Old 03-31-2009, 06:00 PM
monkey0744 monkey0744 is offline
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www.firststepequity.com, is it a scam?

I found something very interesting today. I don't know how long it's been around, it may be something new as a result of the current mortgage crisis. If you look at www.firststepequity.com, you'll see what I'm talking about. According to the rep I talked to when I called the phone number listed on the website, this company is locking in on houses that are about to foreclose and finding people to take over loan payments. The details are this: You call or log on, pay $40 for full access to all the properties and details, everything is listed including property value, loan amount, and default amount. You let them know the one you want and they contact the current owners, you settle on any personal stipulations they may have, and you take over their loan payments. Their name remains on the loan so there's no need for any credit check nor does it effect your credit. You pay the first monthly payment and the property title is transfered to your name and the loan remains in their name. IS IT BRILLIANT!?!?!?!!!! Or just a scam? I found numerous 1-4 bedroom 700-4000sq' homes in my area worth $3-600,000 with $15,000-$200,000 left on the loan... if it's true, I could potentially have very small monthly payments, own my own home, and the previous owner doesn't have to ruin thier credit by foreclosing. According to the guy I spoke with when I called them, the only way the home could be taken away from me is if I default on a payment. But even then, the loan is not in my name so the burden would be left again with the previous owner.

So givin it to ya straight: You pay the company $40, choose a place from the list, pay the monthly loan payment, the title is transferred to your name but the loan is not. You pay what's left of the loan (some of them are very small) and the house is yours free and clear.

Somebody please tell me if this is a legitimate business...


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  #2  
Old 04-25-2009, 07:56 PM
scamkillerogone scamkillerogone is offline
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Re: www.firststepequity.com, is it a scam?

Beware Beware of this Firststepequity.com, this is a total scam.

All they do is post and post everyday to get you to pay $40.00 for forclosed homes. It is not
as easy as it sounds, if you want a list of forclosed homes for free, contact the banks in your
area, they list them for free.

This is a scam to sell you for $40.00 a month for foreclosure homes listings. Don't believe it.
It is a scam.

First Step Equity
298 Orange Ave. Suite B
Goleta, CA, 93117

telephone: 805.683.8600



805-683-8600
805-683-8607
805-683-8605
805-683-8613
805-683-8608



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  #3  
Old 05-01-2009, 01:51 PM
First Step Equity First Step Equity is offline
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Re: www.firststepequity.com, is it a scam?

First Step Equity is not a scam. We are accredited with the better Business bureau and a member of the Goleta Chamber of Commerce. It is true that you can get free listings of REO's from local banks for free but those are only properties owned by that particular bank. We get our listings from title companies nation-wide and our actual members who put the information of their pre-foreclosed home on our website themselves. We do agree acquiring a pre-foreclosed home is not always easy but it is very possible and we see it happen every day. We also provide our clients with more than simple listings. Our detailed website includes sections about buying tactics and various information very important to the process. If you want to do further research on our company check out our website at www.FirstStepEquity.com.

In response to the original post, you have the majority of our program down although there are some important facts that need to be straightened out. We do not contact the homeowners for you, you must do this yourself. Considering our membership fee is $40 a month and we are nation-wide our company could not afford to employ enough people to contact these homeowners. We are not already in contact with the homeowners either. Truthfully when you get in contact with them, not all will want to set up a lease option with you and you may have to shop around a bit. This is not a scam and that is why a little work is involved - when have you ever heard of people getting something for practically free. You must pay the default amount in order for the title to be transferred into your name, not the first monthís mortgage. Credit is not an issue and the loan will stay in the previous owners name. However, the house is not simply yours after that. By this time you have set up what is called a lease/option. Depending on the terms and length of the lease, you control the title and pay the mortgage to honor the contract, until the lease is up. Just like leasing a car, when the lease is done you have the option to buy it outright or find a new one.

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  #4  
Old 05-01-2009, 02:45 PM
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BorisZ BorisZ is offline
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Re: www.firststepequity.com, is it a scam?

This is a very dangerous scheme if they ask you to put large some of money upfront. So, at any mention of of upfront payment or for you to cover their default, walk away. Or even better, run away.

This has scam written all over.

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  #5  
Old 05-02-2009, 12:28 PM
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skamkilla skamkilla is offline
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Re: www.firststepequity.com, is it a scam?

A buyer should never have to pay for a list of properties. You're better off consulting your local real estate agent.

First Step actively spams CL in many cities, thereby crapping on its own already low reputation.

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  #6  
Old 11-08-2009, 07:48 PM
Chris W. Chris W. is offline
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Re: www.firststepequity.com, is it a scam?

First Step Equity, American Standard Online and Anchor House Financial is all one in the same. The owner is Mike Davenport operating under the california corporation MDSQ Productions LLC. the registration number is 200813710015. The person accepting law suit service is Charter Claiborne Hughes at 21 E. Canon Periodo St. Suite 218,Santa Barbara,CA. These people also operate out of Montecito,California.Read all you can on these people and then call the DA 's Office and the US Attorney.These people use other company names just do the research.

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  #7  
Old 11-09-2009, 10:08 AM
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skamkilla skamkilla is offline
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Re: www.firststepequity.com, is it a scam?

MDSQ = Mike Davenport/Susan Quinn...
Susan's name was attached to Anchor House Financial in Robert Eringer's expose of that company.

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  #8  
Old 03-02-2010, 01:25 PM
mikefire54@gmail.com mikefire54@gmail.com is offline
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Re: www.firststepequity.com, is it a scam?

Re: www.firststepequity.com and mortgage games.....
i have a client inquiry re this entity and their program. here's my understanding of the issues/problems with this system.
This property data is obtained from public records. Key issues:

1. "you take over loan payments": this process is called "loan assumption". The current borrower ("Assignor") assigns its debt obligations to you the new borrower ("Assignee"). Virtually all loan documents address this issue of 'loan assumption' and virtually all such loan assumptions require the Lender's written approval. the Lender will virtually always require the Assignee (new borrower) to apply for teh assumption whcih includes a full loan application, including, but not limited to, a credit report, appraisal, and payment to Lender of an "assumption fee" (usually in the $100's of dollars). Assignees who "take over" loan payments without lender approval, risk losing everything they've paid in as well as title/possession of the property.

2. "the original borrower / Assignor's name remains on the loan". If the parties decide to take the risk of assigning the loan to the Assignee without lender approval, and no deed trnasferring title to the Assignee is recorded, it is possible the lender maynot immediately discover the unaproved transfer. However, eventually the lender is likely to discover the transfer whcih under most loan docs is a "breach of contract", upon which the lender may "call the loan" immediately due and payable, in full. Not good for either party.

3. The original borrower's (Assignor's) "name remains on the loan". stop and think about this... you are the Assignor. You give possession, care and control of your property to the Assignee without lender approval. You still are liable for re-payment of the loan to your lender. How could you sleep at night if your assignee: (i) defaults on the loan payments to your lender; (ii) trashes the house; (iii) fails to undertake ordinary repairs and maintenance; (iv) allows the casualty/liability insurance to lapse then suffers a loss (fire, injury); all of which you will be liable?

4. "you pay the first monthly payment and the property title is transfered to your name and the loan remains in their name." again this is an unapproved assignment of the loan.

i would propose that if firststepequity guides, coordiantes, and papers such a transaction knowing that most loan docs require lender approval for such transfers, then first stepequity would be facilitating a fraud upon the lenders and so would the Assignee...
mikefire54

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  #9  
Old 04-18-2010, 10:54 AM
julieloftla julieloftla is offline
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Re: www.firststepequity.com, is it a scam?

Screw THAT! THEIR name remains on the loan? I don't think so. If I'm going to be making loan payments on a house, my name d*** well better be on ALL the paperwork.

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  #10  
Old 10-08-2010, 12:16 PM
spiffified_bizzo spiffified_bizzo is offline
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Re: www.firststepequity.com, is it a scam?

Yes it is a scam. They do not give refunds. They tell you to contact the home owners and there are no phone numbers on the website. Their website redirects people to an online people finder in order to get the owner's telephone number. Houses on the website are not there because owners want to work with buyers. It is just a list of that the bank has given of people who are in default, foreclosure, and REO. BEWARE because they just want your money. You have to talk to the owners who are in financial difficulties already, and convince them to work with you. THe website says that it is best to send the owners a letter saying that you would like to rent to own or buy their house. If they are secure with their product that they are offering, why is there no refund? Why does it say on their website that it is risk free?

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  #11  
Old 12-22-2010, 04:57 PM
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skamkilla skamkilla is offline
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Re: www.firststepequity.com, is it a scam?

They are still spamming c ra ig slist using the American Standard Online name, and the numbers 877-395-1302 and 877-395-1304.

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  #12  
Old 12-27-2010, 08:28 AM
spiffified_bizzo spiffified_bizzo is offline
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Re: www.firststepequity.com, is it a scam?

It is a scam. I paid the $40 and you do get a list of homes that are in foreclosure or default. Also listed were the property value, loan amount, and default amount. However, the homes posted on the site are not posted with permission from the current home owner. In actuality, the current homeowner has no idea they are even on this site. Firststepequity does not contact the current owner for you. You have to do that on your own via phone (which may or may not have the current number) or via snail mail. You make contact with the current home owner and have to try to convince them to let you buy the house to get them out of debt and so forth. It is not as easy as it sounds and I canceled my membership as soon as I got it, without refund of course. Because why would a company who lies give refunds. They wouldn't make any money because once you realize what the company is all about, you'll want a refund. Any solid company, who backs what they say, would gladly give refunds to unsatisfied customers. But this is not the case here.

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  #13  
Old 03-08-2011, 12:12 PM
Gradus Gradus is offline
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Re: www.firststepequity.com, is it a scam?

From another thread:

I can't speak for what the others are saying, but I signed up and am currently talking to a few different homeowners and already checked out a few houses. Although it did take about three months to get to this point, mainly because I took my time and was kind of lazy about it. The main problem with the whole Pre-foreclosure deal is jsut trying to find a home that doesn't have an ARM loan.

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  #14  
Old 04-23-2011, 11:51 AM
mrsdrake313 mrsdrake313 is offline
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Re: www.firststepequity.com, is it a scam?

In response to First Step Equity... The BBB has no record of your company!!! Liars!!! total scam!

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  #15  
Old 04-25-2011, 12:45 AM
kajal123 kajal123 is offline
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Re: www.firststepequity.com, is it a scam?

I HI guys..I just join this site,,,then i like that.."Truthfully when you get in contact with them, not all will want to set up a lease option with you and you may have to shop around a bit. This is not a scam and that is why a little work is involved - when have you ever heard of people getting something for practically free. You must pay the default amount in order for the title to be transferred into your name, not the first monthís mortgage. Credit is not an issue and the loan will stay in the previous owners name. However, the house is not simply yours after that. By this time you have set up what is called a lease/option. Depending on the terms and length of the lease, you control the title and pay the mortgage to honor the contract, until the lease is up. Just like leasing a car, when the lease is done you have the option to buy it outright or find a new one"............
thanks for nice sharing...

regards...
kajal

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  #16  
Old 05-27-2011, 09:40 AM
Revuex Revuex is offline
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Re: www.firststepequity.com, is it a scam?

I just got off the phone with a phone service rep named Daniel, he was very blunt about what there company did and what they provided. When I clarified what there company claimed to do, "Thats what I just got done telling you" was his response.

After my bank declined the transaction for the $40 monthly charge he replied, "I just talked with my manager and your card was declined, it's only $40, do you have that in your account? Why don't you get a hold of your bank and get this figured out and I'll call you back later." With this type of poor customer service response, I called my credit card company to put a stop payment just in case they tried to take out the funds. I called First Step again to confirm I was not interested in using there service, Daniel responded,"I do not try to help a person twice, if you cant afford $40 then our business will not help people like you at all, your burnt," Hangs up the phone.

This company, if you can call them that is very unprofessional and extremely rude to potential customers. I would highly recommend NOT using this service and get listings from your local banks for free. Very disappointed with the lack of courtesy and professionalism that they do not have. Please be careful.

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  #17  
Old 07-06-2011, 11:46 AM
nomofos nomofos is offline
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Re: www.firststepequity.com, is it a scam?

Total scam! I called. The guy on the other end presented his spiel and then when I asked questions for clarification he said, "I just covered that. What don't you understand?" I told him not to talk to me like I'm an idiot. I'm just asking a couple of questions. He said, "What you don't want to pay the $40?" I told him that I just wanted to get clarification, before I did. He then said, "Don't turn this around on me. We've been doing this for 20 years." CLICK.

Any reputable company would be more than willing to answer your questions. Especially when it involves something as major as taking over a mortgage. This is not just assuming the payments for a TV or something small. This is huge!! A home!

BEWARE! BEWARE! BEWARE! BEWARE! BEWARE! BEWARE!

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  #18  
Old 07-17-2011, 02:43 PM
henry6742 henry6742 is offline
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Re: www.firststepequity.com, is it a scam?

He Is Soooo Rude!!! I Cant Believe How He Treated Me And My Wife. I Signed Up Online Cause I Wanted To Access The House And Could Not Believe How He Treated Me After They Signed Up. Biggest Waste Of $40 Ever!!! Do Not Trust Them.


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