Financial Hope for America

This company's principal Mike Wayman previously owned and operated other loan modification companies in the Southland called New World Financial Services and Money Management Services dba Safe House 911 and Loan Modifications 360. These companies generated a number of customer complaints in which most cases the company failed to address resulting in F ratings for the businesses. Money Management Services Safehouse 911 and Loan Modification 360 were also the subject of an Order to Desist and Refrain filed by the California Department of Real Estate on March 13 2009. Separate reports are available upon request. ~~As of July 1 2009 the California Foreclosure Consultant Act was enacted to safeguard the public against deceit and financial hardship and to encourage fair dealing in the rendition of foreclosure consulting services. With certain limited exceptions it is now illegal to operate as a foreclosure consultant in California without completing registration and bonding requirements. Foreclosure consulting companies must register with the Justice Department and post a $100 000 bond with the secretary of state for a period of two years. If the company violates the law a court may order restitution to victims out of proceeds from the $100 000 bond. Companies who fail to comply will be subject to criminal penalties of up to a year in jail and fines ranging from $1 000 to $25 000 per violation. ~~The Act also affords consumers a 5 day rescission period to cancel contracts without penalty or obligation and requires the companies to have a pre-printed cancellation notice along with instructions for cancellation included with the contract. Contracts must also be in writing and provided in the language requested by the homeowner. If your written contract does not inform you of your right to a refund or to cancel you may demand your refund or cancel your contract at any time without regard to these time limits. Despite the law’s protections if you are not dealing with a reputable company you may find it difficult to enforce your rights.~~We advise you not to rely solely on registration or licensing to determine the reliability of a loan modification company though. Despite the law’s protections if you are not dealing with a reputable company you will find it difficult to enforce your rights. You should investigate the background and worthiness of any company offering to provide you with these services.