• Report: #1014860

Complaint Review: Liberty Credit Law

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  • Submitted: Fri, February 15, 2013
  • Updated: Fri, February 15, 2013

  • Reported By: victor — new britain Connecticut United States of America
Liberty Credit Law
117 Kinderkamack Rd River Edge, Connecticut United States of America

Liberty Credit Law ripoff River Edge, Connecticut

*General Comment: What Gives you the Right to Think you can just snap your fingers and get a Refi

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I needed help with a loan modification I called and they told I and my wife that they could help us and that most claims where settled in under 90 days it sounded good and we needed the help. They told us that if they couldnt get it resolved that they would give us our money back. So we did it we paid them 2500.00 and they started our re-mod after the 90 days of our full cooperation nothing so they told us that they have to redo our re-mod because of sometime laps issues so they started it again. 90 more days and nothing again something.

Then they told us if we stop paying the mortgage that our lender would work faster we had heard that from our lender as well so at the time it made sense. After 2 years we asked for our money back and they told me that we had decided to not continue with their services so they didnt have to pay us back. The way I feel about this company. I hate them and all their employees its not the 2500.00 dollars that they stole from me its principle. This housing industry is so screwed up and the people that are supposed to help you are screwing you and the government just looks the other way very depressing and I really hope that people start taking matter into their own hands.

This report was posted on Ripoff Report on 02/15/2013 11:52 AM and is a permanent record located here: http://www.ripoffreport.com/r/Liberty-Credit-Law/River-Edge-Connecticut-07661/Liberty-Credit-Law-ripoff-River-Edge-Connecticut-1014860. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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#1 General Comment

What Gives you the Right to Think you can just snap your fingers and get a Refi

AUTHOR: IamGood - (USA)

you are asking for a loan mod.  Usually the only way you can refi under more favorable terms is if you have at least 20 pct equity.  In this case I dont think you do, otherwise you would not have paid 2500.00 to try to get this company to assist you in the loan mod.

Now lets think about this for a minute.  You are trying to argue with your mortgage company that because interest rates dropped sooo much, and the value of your home dropped even further, you feel that the mortgage company should absorb the loss by re financing your home to a lower value (writing off the amount that you are  underwater in the home), and accepting a lower interest rate to boot.  Does this sound right so far?

Now, using this though, what if the value of your home increased lets say 30 pct in a 2 year period, and the current home interest rates soared by 3 or 4 pct.  Using the logic going through your mind, it would be totally acceptable for your Mortgage Company to Hire a Law firm to go to you, and say, "We want to increase the value of your loan equal to the amount of the 30 pct increase, AND increase your interest rate 4 to 5 pct.

Now does that sound fair to you?  Or is this loan Mod a One Way street for you, only when it is in your favor. 

Just pay your mortgage down until you get 20 pct equity,  then sell the house, and rent an apartment.  After all you had 2500.00 to pay to this idiot company, why did you not just use that money to pay your mortgage.

Or did you have to borrow that 2500.00 as well, and now some other sucker is waiting for you to pay them back now too.  OH if that is the case, why dont you just hire this same company, and modify the loan to those people too!!!!!

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