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  1. #1
    Join Date
    Sep 2006
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    Don't get BURNED by this one ! Mortgage Elimination

    The scam is a new version of an old scam. You hear of a person somewhere in a company that will eliminate your mortgage. The deal is that you get a new mortgage say about $400,000.00. Your existing mortgage say $200,000 gets paid off. The scamers now promise to pay off the entire amount in about 2 years. They get you to turn over the $200,000.00 to them and even give you back some of your own money as well as helping you pay a few months of payments. This keeps you content, and while your waiting for the so called inside guy to make your new mortgage disappear, you're getting the shaft.

    Watch Out !!!

    Scamster

  2. #2
    Lord_jag's Avatar
    Lord_jag is offline I am God because I say I am. Prove me wrong. User Rank
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    Re: Don't get BURNED by this one ! Mortgage Elimination

    um... Duh?

    Why would anyone pay off your mortgage? Just because? Most mortgage scams have at least a believable storey. Like I have heard of some people who get into trouble so they refinance with another company that tells you that you could cut your mortgage breakout penalties by selling to them for a week and then they sell back. Then they tell you that if you make the price really really low they can cut out the taxes. So you sell your house to them for $1000 and then they turn around and sell your house to someone else for full price. So they have your house and you have 2 days to come up with 100K to finish paying back your mortgage.

    Now that is a scam.... I have heard of that kind of thing happening. But I don;t understand how someone could buy that someone in a company will just pay off your mortgage just because.

    Theres scams, then theres people almost begging to give money away.

  3. #3
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    Sep 2006
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    Ponsi Is Alive And Well In South Florida

    He's here in the mortgage Business.

  4. #4
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    Sep 2006
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    14

    Reply with the NAMES of Ponzi Scamers in South Florida

    I know some, lets see what name you can add to my list.

  5. #5
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    Sep 2006
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    Ponsi

    Where in Boca Raton does Ponsi live ?

  6. #6
    Join Date
    Jan 2007
    Location
    Stow, OH SOL III
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    3,235

    Re: Ponsi

    Quote Originally Posted by Scamster View Post
    Where in Boca Raton does Ponsi live ?
    Who is Ponsi?

    And per Whitepages.com there is no one with the last name Ponsi with a listed phone number in Boca Raton, FL.
    0 Results matching "Ponsi, Boca Raton, FL"
    Last edited by nomaxim; 11-03-2007 at 10:07 AM.
    Ignorance more frequently begets confidence than does knowledge: it is those who know little, and not those who know much, who so positively assert that this or that problem will never be solved by science. -C. Darwin

  7. #7
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    Sep 2006
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    You First - Scam or No Scam

    Voice your opinions please !

  8. #8
    Join Date
    Jan 2007
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    Stow, OH SOL III
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    Re: You First - Scam or No Scam

    Would it be to much to ask for a little more information?

    Like a URL?
    Ignorance more frequently begets confidence than does knowledge: it is those who know little, and not those who know much, who so positively assert that this or that problem will never be solved by science. -C. Darwin

  9. #9
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    Sep 2006
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    Straw Buyers in So. Florida

    Beware the Ponzi scamer is out there. Looking for jerks to buy Props. in their names and put the dollars in his.
    Remember the old saying " A fool is soon parted from his money "

    Watch Out !!!

  10. #10
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    Sep 2006
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    Beware Fatso Selling Reverse Mortgages

    Seniors watch out for the fat man selling Reverse Mortgages and telling you over and over the beauty of it.

  11. #11
    Join Date
    May 2005
    Location
    West of the Pecos
    Posts
    121

    Re: Beware Fatso Selling Reverse Mortgages

    Quote Originally Posted by Scamster View Post
    Seniors watch out for the fat man selling Reverse Mortgages and telling you over and over the beauty of it.

    As a general rule, reverse-mortgages may SEEM a useful way to extract equity from someone's property, BUT, there are a number of important caveats, two of which are IMHO, serious and often overlooked -and like I always say, this isn't legal advice and may be only worth what you've paid for it, which is $0:

    1) Family issues. There is nothing more painful to see than a family with strained relationships over money, particularly an inheritance. Seniors who go the reverse-mortgage route should consider the impact on their children and grand-children who may be expecting the ol' homestead to be theirs.

    2) Unexpected impacts of long-term care on finances. Another devastating reality of life is we have a tendency to want to live forever, which means for too many people, they're going to wind up in a very expensive facility for some unknown period of time. Some of these people (and see 1 above) may have been counting on being able to pay for such care by selling the home they can no longer live in by themselves. A reverse mortgage gradually drains away that equity. Worse, if one needs to depend on Medicaid for such care, you have to have no assets - and you can't just sell them, spend all the money and walk in and file for benefits, nor can you just transfer a property - it takes years before you can qualify in those circumstances.

    In all such things - DON'T BE SOLD ON IT. Know what you want before you talk to someone who has a vested interest in SELLING IT TO YOU as opposed to someone who has a fiduciary responsibility to you.

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

  12. #12
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    Sep 2006
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    Loan Modification Scams - WARNING

    The good old boys from the "Sub-Prime-Loans" have now moved into Loan Modifications to scam disparate homeowners who are falling behind in their mortgage payments.
    These dirt bags who are acting as good doer's are only out for their own personal gain, and take advantage of the already struggling homeowner. BEWARE BEWARE BEWARE--Don't be a victim to their latest SCAM.

  13. #13

    Re: Loan Modification Scams - WARNING

    Words from a Very Outspoken and Opinionated California Litigation Attorney

    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.

  14. #14
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    Sep 2006
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    14

    Mortgage Modifcations - Ponzi Certified

    Why pay for something you can do yourself. Most banks are now willing to work out deals. So put your trust in the bank that gave you the mortgage. But if you must get help, go through a Licensed Attorney only. There are so many scam artists ready to take your money and do nothing except to put you off and tell you they're working on it.

  15. #15
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    Sep 2006
    Posts
    14

    Loan Modification & Escrowed Monies

    I heard that Loan Modification Companies MUST by law hold money in escrow until they get the modification done. Am I correct ? If so the companies that use the money sent in and do not preform are in trouble. Thats what I'm being told. Please comment back.

  16. #16
    Join Date
    May 2006
    Posts
    1,784

    Re: Loan Modification & Escrowed Monies

    First, who told you that?

    Second, whose money must be kept in escrow? You know if company requests big sum of money in advance for loan modification, they will be scamming you.

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