+ Reply to Thread
Results 1 to 7 of 7

  1. #1
    Join Date
    Feb 2009
    Posts
    1

    Mortgage Modifications by Tom Cummings

    Has anyone familiar Mortgage Modifications being done by Tom Cummings? He is located in Lakes Elsinore, CA. He claims to have your loan modified to a 30 year fixed with ARMS and other sub prime loans. Want to make sure he is on the level.

  2. #2
    Join Date
    Jul 2006
    Posts
    7,767

    Re: Mortgage Modifications by Tom Cummings

    don't. major banks have stopped forclosures and Obama will soon announce a plan to help people with unaffordable mortgages. no reason for you to contract nobody from nowwhere, who is just trying to make money from your distress. vulture may be the word to describe him.

  3. #3
    Join Date
    May 2005
    Location
    West of the Pecos
    Posts
    121

    Re: Mortgage Modifications by Tom Cummings

    Let's first recognize that only a tiny percentage of existing mortgages can or will be modified no matter how many news stories you see and hear that the industry is working hard to prevent foreclosures.

    The reality is, most people who could get a modification could probably qualify to refinance and a lot of "modifications" are simply agreements between the servicer and borrower that don't actually modify the underlying loan.

    Your chances of getting even one of the "alleged" modifications depend on several factors - not necessarily in any order of significance:

    (1) How much (if any) equity you have.
    (2) The real estate market conditions in your area.
    (3) Your income (and how much you've told them about your situation).
    (4) Whether or not there is PMI on your loan.
    (5) Whether or not the trustee is actually willing to let the servicer try and keep the loans performing.
    (6) Whether or not you're willing to give up any rights to sue them for past or future actions.
    (7) What state you live in and the timeline for foreclosing.
    (8) The servicer's financial resources.

    Basically, it's their financial decision, not a "save your home" decision. They will not act against their own best interests or that of the trustee, no matter who talks to them.

    The Honorable Judge Roy Bean
    http://www.loansharks.blogspot.com

  4. #4
    Join Date
    Feb 2009
    Location
    La.Ca.
    Posts
    2

    A loan modification company promised

    Buy email to do many things very easily
    to lower my payment with country wide
    1500 up front and 1000 more when they were done . They were shot down each and every time buy the lender here in California. I want my 1500 back ,they said they will some 30 days ago,but ignore my emails Can they be bullied into refund action buy reporting them to any officials such as board of reality

  5. #5
    Join Date
    Feb 2009
    Location
    La.Ca.
    Posts
    2

    Re: Mortgage Modifications by Tom Cummings

    I want to report them or scare them that i will in order to get a refund is there hope besides a base ball bat to there mbz's:freak3:

  6. #6

    Re: Mortgage Modifications by Tom Cummings

    I've posted it before, and I post it again... people... please do your homework BEFORE forking over money to work on saving your home. This is no time to be lazy, to act out of desperation, or blindly trust... research the heck out of any firm or person, then get help!

    My post:
    Words from a Very Outspoken and Opinionated California Litigation Attorney (like there’s any other kind)
    Here in California, our Department of Real Estate website (dub dub dub dot dre dot gov) lists the companies that have DRE "permission" to modify loans... add to this list any licensed California attorney, and that is where you should begin your due diligence search when you seek help in California. Other states probably have similar laws, so check with your own state DRE and state bar.
    My law firm has been getting more and more calls recently from homeowners that were victims of predatory lenders who put them into an unaffordable loan and now fell into the hands of those same people who sold the toxic loans but profess to be saviors... DON’T BE A VICTIM TWICE! What’s that they say, “Fool me once, shame on you, but fool me twice, and I’ll sue your butt!”
    Do your homework and THOROUGHLY investigate any firm before hiring them to save your biggest asset and the place you call “home.” Scammers are popping up like dandelions on a freshly mowed lawn in April. They advertise on the Internet, freeway billboards, radio, television, and print media everywhere, not to mention spamming your email box with those third-world widows needing someone to receive three million dollars for them. Make no mistake, in many cases, these “loan modification experts” are the exact same loan officers and mortgage brokers who fleeced homeowners the first time around. After losing their jobs with the crash of the mortgage industry, they have found a new way to make ill-gotten profits from hard-working homeowners through loan modifications.
    In California, with very few exceptions (and attorneys are one exception… no coincidence there… attorneys make the laws), it is against the law for anyone to take money up front for helping a homeowner who is in default. Don’t trust a company that begins its relationship with you by breaking the law.
    HERE’S THE BOTTOM LINE!
    Hire an attorney – and not just any attorney either - one with experience in mortgage law, not just one with real estate law experience but one with experience in both FEDERAL and STATE litigation against mortgage companies, one who doesn’t also do family law, criminal law, admiralty law, and immigration law as well, one who limits the practice to mortgage law (or at least a great majority of it), one who has the experienced staff, training, and know how to take on the big lenders and their top notch lawyers (lenders have attorneys – and darn good ones – check out their counsel on the web – big names top schools, shouldn’t you have a lawyer too?).
    We are not talking about a refund on your broken television here, we are talking about hundreds of thousands of dollars and your HOME – if you don’t think this is the time to hire a highly educated and experienced professional instead of a weekend schooled, almost out of work, broker slash loan officer slash “expensive water in a wine bottle with alleged magical curative powers” salesperson, I don’t know what would make you take things seriously.
    Of course, this is one obnoxious lawyer's totally biased opinion, but one based on many many distressing calls to my office every day. And, yes, my firm loves taking cases against loan modification companies who have violated laws. This field is quickly becoming one of the fastest growing sections for our mortgage law firm.
    - Paul J. Molinaro, Esq.

  7. #7
    Join Date
    May 2005
    Location
    West of the Pecos
    Posts
    121

    Re: Mortgage Modifications by Tom Cummings

    While I have no connection to nor experience with Mr. Molinaro or his firm, the advice seems sound, particularly in terms of selecting counsel with experience in the niche of mortgage issues.

    That ASSUMES you have the financial resources to not only stay in the home but to pay an attorney to protect your rights AND eventually recover your legal expenses from the predator coming after you and your equity.

    The behavior of the industry is not enough to build a case against one of the predators. Litigation is a mine field and you don't want to be one of the pigs they herd out into it.

    The Honorable Judge Roy Bean
    http://www.loansharks.blogspot.com

Similar Threads

  1. Litton Bogus Loan Modifications
    By littonnightmares in forum Corporate Scams
    Replies: 0
    Last Post: 10-30-2009, 07:24 AM
  2. The Big 3 Mortgage Scams!
    By 419legalscam in forum Corporate Scams
    Replies: 0
    Last Post: 08-18-2009, 03:36 PM
  3. U.S. Mortgage Reduction
    By solitarykou in forum Work at Home Scams
    Replies: 4
    Last Post: 05-10-2007, 09:02 AM
  4. 1st metropolitan mortgage ???
    By askin ??? in forum Business Scams
    Replies: 1
    Last Post: 04-16-2007, 10:26 AM
  5. Mortgage Leads
    By Dan22 in forum Corporate Scams
    Replies: 3
    Last Post: 04-04-2007, 12:54 AM

Tags for this Thread

Bookmarks

Bookmarks

Posting Permissions

  • You may post new threads
  • You may post replies
  • You may not post attachments
  • You may edit your posts
  •