I talked to them a little bit and they want $499 upfront to review all my documents and say then they will charge $1,400 to do my loan modification but that part is paid in 2 parts as they do the work. They are based in New Jersey. Do you know if there’s somebody I can report them to?

Thanks!
Joe Radinsky

Pete, thanks for keeping up on all this. As far as what I think, I feel the ultimate tab is going to be much higher than what’s talked about or even known at this point.

Also, a big thank you for the information and software program I received in lesson 6 this past week, from your loan mod university program. With what I’m learning, I can’t imagine what I was thinking a few months back when I thought I didn’t need anybody’s help. This stuff is priceless!

Thanks again!
Joe Radinsky

Great question on the short refi into a conventional loan. That is discussed in detail in lesson 4 of the Loan Mod University program.

You will find the information that you are looking for there.

Fight The Good Fight,
Pete Mitchell

Regarding this article, I understand the people who beat the crap out of these loan mod scammers. I have often thought of doing that to the people that ripped off my husband and I. I guess we learned our lesson and now hope that with your information, we can get a loan modification done ourselves.

Holly,

Pete, what do you think the chances are of our getting a “short refi” into some sort of conventional loan?
Thanks,
Sue

Thank you for the “well wishes.”

There is a lot of great information in the loan Mod U. Take it step by step!

Fight The Good Fight,
Pete Mitchell

Thank you for the kind words.

Fight The Good Fight,
Pete Mitchell

I can’t wait to start getting all the info in your Loan Mod program that we signed up for. I have a feeling we’re now going to get our bank to move and fast!

I’ll keep you updated.
God bless,
Sue

Here is a brief explanation from their web site:

In regulating national banks, the OCC has the power to:

* Examine the banks.
* Approve or deny applications for new charters, branches, capital, or other changes in corporate or banking structure.
* Take supervisory actions against banks that do not comply with laws and regulations or that otherwise engage in unsound banking practices. The agency can remove officers and directors, negotiate agreements to change banking practices, and issue cease and desist orders as well as civil money penalties.
* Issue rules and regulations governing bank investments, lending, and other practices.

As you can see, they hold a lot of power over the banks. Complaints are taken seriously.

You can sometimes use the threat of a OCC complaint to help move a bank in your favor during negotiations. Especially when talking with a lower level agent. Also be sure to mention to them that you will be filing a complaint with the OCC against them personally… as well as the manager of their department… and their bank. I’ve been told of cases where this suddenly resulted in negotiations moving in the homeowner’s favor.

Fight the good fight,
Pete Mitchell

Isn’t it amazing how the banks think they can get away with whatever they want?!

Whether it’s breaking TILA or RESPA laws or foreclosing on homes they can’t prove they even hold the note on, they routinely disregard consumer protection laws.

As you point out, they also disregard established banking regulations. In your case, you should probably file a complaint with the Treasury/FDIC and their department specifically regulating these actions which is the Office of the Comptroller of the Currency.

The web page you want is:
http://www.occ.treas.gov/customer.htm

And you will find phone numbers and consumer complaint forms there.

Fight the good fight,
Pete Mitchell

Great point! One always needs to be aware of how the fine print reads.

I do know that whatever is signed is open to negotiation, the same as most everything else in a foreclosure or loan modification process. I am aware of successful “Cash For Keys” negotiations where upon a walk through by the bank rep, money changes hands, documents are signed and the homeowner walks away with no further obligation or responsibility.

Undoubtedly, different banks and different negotiations can yield different results. Homeowners need to be as knowledgeable as possible before signing anything with a bank, whether it be a Deed In Lieu, a Short Sale agreement, a Loan Modification, or a Cash For Keys Agreement.

And always remember, the bank and their attorneys will not hesitate to tell you whatever they need to tell you so they come out the winner and you come out the loser! Educate yourself and through knowledge you can turn the tables on them!

Fight the good fight,
Pete Mitchell

Right now it is a physical DVD which I mail out. I will also have them digitized and available for direct download in the coming weeks so that people can receive them instantly. I’m not really a “tech” guy so it is taking time to get this done.

Fight the good fight,
Pete Mitchell

The “initial consultation” is a sales tactic. If they charge any fee before all services are completed, it is against the new law.

Fight the good fight,
Pete Mitchell

Banks can and do foreclosure on property without proof that they are the owner of the note all the time. It is up to you to stop them by making them prove they have the note (the best tool is through the QWR that we give as a free bonus in our Loan Mod University). If you don’t make them prove they have the note and you are in a non-judicial state, it is assumed they have the note and in a judicial state, they file the court paperwork saying basically the note is filed somewhere (it is up to you to make them produce it).

Remember, banks know the rules to the game. You need to know the rules as well. When you know the rules the bank is less likely to walk all over you because they would rather go for the low hanging fruit.

Hope that helps.

Fight the good fight,
Pete Mitchell

How long will it take for me to get a copy of the free DVD?
Can I just download it or is it a real DVD?

Thank you,
Sue