125 inquiries | Foreclosure Consultants
(877) 822-7837
http://www.debtbarter.com
Company Rating
F
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Complaint Experience
N/A
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This business is not a member of Business Consumer Alliance. This fact does not disparage the company in any way.
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BCA's Summary and Analysis:
Complainants allege they paid the company large advance fees for loan modification services which they allegedly failed to perform. Customers complain in some cases lenders had been contacted only once, they lost thier homes to foreclosure due to not making payments at the company's advice, or that the company failed to issue refunds when no modification was achieved. One complainant alleges the company took her money and promised her a modification after her home had been repossessed by her lender. The company responded to a few early complaints by agreeing to issue refunds. One or more complaints are unresolved meaning the company failed to properly address the complaint allegations or their response was inadequate. Most complaints were not answered.
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Company Info
This company's business is debt consolidation services and loan modification services.
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Licensing
California law requires bill paying services, and pro-raters accepting money from clients to be disbursed to creditors on behalf of the debtor, to be licensed by the California Commissioner of Corporations and file a $25,000 bond. As of our last verification, on January 14, 2009, we were unable to verify this company 's industry licensing requirements. To verify licensing, contact the California Dept. of Corporations by writing to 1515 K Street, Suite 200 Sacramento, CA 95814-4052, by calling (916) 445-7205, (866) 275-2677 or 866 ASK CORP. Prorater licenses can be verified on-line, by accessing the DOC website at www.corp.ca.gov.
BCA has no information regarding government actions at this time.
Foreclosure consultants generally offer to stop foreclosure on homes and/or assist homeowners in restructuring their mortgage. Complaints concerning similar offers allege that these companies misrepresent their ability to stop foreclosure, that they fail to perform services as promised, and that they deny requests for refunds based on non-performance.In California, it is unlawful for a foreclosure consultant to charge or accept any compensation until they have fully performed everything they represent they will perform. California law also requires that any representative who solicits, induces, or causes a California resident property owner to contract with, or pay any consideration to a foreclosure consultant must have a bond from a surety in an amount equal to at least twice the fair market value of the real property that is the subject of the contract. In addition, the representative must hold a valid California real estate sales license. The representative must also provide the consumer, in writing, under penalty of perjury, a statement attesting that they are properly licensed and bonded. Failure to comply with these requirements renders the contract void. By law, the contract must also provide for a five day cancellation right, and no money may be collected prior to performing all the services set forth in the contract. If your written contract does not inform you of your right to a refund or your right to cancel, you may cancel the contract at any time, without regard to the five day time limit. The Better Business Bureau suggests that property owners first speak with their lender before engaging a consultant.
We know of no other matter or practice relating to this company that may assist you in your consideration of this company.
BCA has no information regarding advertising review at this time.
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