Pacific Residential, Inc ratings, reviews and complaints - Loan Modifications

Complaints and Resolutions

Complaint Experience

N/A

Complaint Resolution Index (CRI)

Complaint Resolution Index (CRI) Explained The Complaint Resolution Index (CRI) is an indicator on how responsive a company is in addressing and resolving customer complaints brought to their attention by BCA. If they are considering doing business with the company, consumers can use this indicator to forecast the likelihood of having their issues addressed if a problem arises. CRI measures the company's customer satisfaction abilities through BCA’s complaint mediation process.

A variety of factors are considered when calculating CRI. This includes how quickly a company responds to complaints, the number of complaints against a company, whether the company addressed complaint allegations, and the outcome of the complaints. CRI is just a subset of the overall rating for the company. Consumers are encouraged to take into consideration the company's CRI, their overall BCA letter rating and other relevant information about the company so they can make a well-informed purchasing decision.

BCA's Summary and Analysis:

Complainants allege the company charges large advance fees for services but fail to negotiate loan modifications as agreed. Customers complain the company misrepresents the terms and conditions of loans fails to disclose important information fails to provide copies of paperwork and fails to keep in contact with customers after they have collected the advance fees. In one case a complainant alleged the company asked for and accepted funds even though a Notice of Default had already been filed for the property. Another complainant reports the company would only make the refund she requested an option if she retracted her BBB complaint. ~~The company responds to most complaints by disputing the complainantâ€™s allegations. In some cases the company denies responsibility for the complainants by advising that their company only processes paperwork for attorneys or other third parties who are their clients. They contend that fees paid in advance were not paid directly to them but rather to their clients. In some cases refunds or partial refunds were issued.~~One or more complaints are unresolved meaning the company failed to properly address the complaint allegations or their response was inadequate.

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Complaint Closing Statistics

0 complaints against Pacific Residential, Inc closed in last 3 years.

Complaints	Type of response
0	Making a full refund, as the consumer requested
0	Making a partial refund
0	Agreed to make an adjustment
0	Refusing to make an adjustment
0	Refuse to adjust, relying on terms of agreement
0	Unanswered

Other Information

Company Info

This company's business is providing real estate mortgage services and loan modifications.

Primary Contact:	Jeff Torrez (President)
Business Started:	1/1/2004
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Licensing

California Department of Real Estate

Verified License

License Number: 01458676
Status: Revoked

Government Actions

BCA has no information regarding government actions at this time.

Comments and Analysis

In California a real estate broker license is required to conduct loan modification activities unless exempt under the Foreclosure Consulting Law or an attorney doing loan modifications within his/her normal practice. Many loan modification companies are attempting to circumvent the licensing law by finding an attorney who will loan their name to give the impression that an attorney or law firm will be handling the modification. In addition any broker who accepts an advance fee for a loan modification must have obtained a â€œno-objectionâ€ letter from the DRE prior to doing so. A list is published on the DRE website of the companies who have already obtained this approval from the Department. ~~Keep in mind no foreclosure consultant and no real estate licensee is allowed to collect any advance fees for services as a foreclosure consultant once a Notice of Default has been recorded against your property. California lawyers are exempt from this prohibition.~~A loan modification contract even one with a licensed real estate broker for their assistance in working out a loan modification or negotiating another resolution of your problem must still state what services will be performed when they will be performed and exactly how much you must pay. If the fees are to be collected in advance the contract must be pre-approved by the Department of Real Estate.~~Licensed real estate brokers who provide loan modification services without collecting fees in advance are not required to receive the DREâ€™s permission so long as their services are fully completed before they are paid by you.

Other Considerations

Mail sent to this company was returned by the post office as "moved; left no forward address," "forward order has expired," or "unable to locate." We cannot trace addresses of companies or principals. General information is available upon request which may assist you.

Industry Resources

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Additional Info

DBAs:

Pacific Loan Solutions Inc

IMG

Websites: