I have talked to 2 people in this company and one by e-mail and I can't get them to answer my questions. I asked what is the total cost to me. I told them I know you are not staying in business based on a $10.00 membership fee. I was told the "only charge is $10.00". I know this is not true but I can't find out what it will cost me in the end. They are dealing with and trying to bail out a home owner who doesn't have any money or they wouldn't be in the situation they are in. The only charge is $10.00.
So on April 12, 2012 I paid the $10.00 membership fee. Then on April 17th - - five days later - - - I get hit for another $10.00!! For what?? The e-mail guy says to go to their web site and view the 5 steps. I had done that before I even talked to the second person. I asked if there's no down payment who is going to pay what's necessary to bring the loan current. I was told it will be added onto the end of the loan. I asked what guarantee I had that the lender would allow me to start making the payments.
I was told I could rent the property, or lease with the option to purchase but as is their "mo" I got no answer. Finally I asked about a property. The loan on this property is $227,500.00. Of course I don't know how many months the owner is behind. This loan was taken out in April of 2006 so the chances of the principal being paid down is very slim. Next they say the high property value is $218,000.00 and the low value is $199,000.00. Personally I think the $199,000.00 is closer but I don't know.
So we will split the difference and figure the value is $207,500.00. Already there's a $20,000.00 difference between loan and property value. By their own numbers the monthly payment is between $550.00 and $650.00 per $100,000.00 depending on the interest rate. Again I don't know what the interest rate is so at the low end the monthly payment is at least $1,100. If the owner is behind 6 months that's an additional $6,600 added to the loan. So now I'm supposed to start making - at the minimum - a payment of $1,100.00 on a loan of about $234,100.00 on a property worth maybe $207,500.00.
So I asked "I've kept the loan out of foreclosure, I've protected the homeowners credit whats the benefit to me???" At the current inflation rate how many years will it take me to get enough equity to be able to refinance?? Again no one answers any of these questions and the e-mail said to watch and listen to the 5 steps. Bottom line as I see it is, if your an property owner in trouble this company will do anything they can to help you. And I guess they think people want to get into a house so bad they will do anything to get one - - - especially not answer any questions from a prospective buyer, but continue to collect $10.00 every 5 days.