My wife and I had been thinking for some time about how to get a better rate on our home loan. It occured to us that a simple loan modification may be the answer. Since we had never done this befor we believed the thing to do was to consult a
legal professional or group. We saw the advertisements on the Internet for Martin and his "associates". We felt confident that they would be able to properly represent us to the Bank where we have our home loan. It seemed appropraite to have a legal firm represent us even though we were not in forclosure. Even I know you dont have to be in financial trouble to have you loan refinanced or Modified. When we made contact with the attorney (we thought) by filling out the online form, a man came to our business claiming to represent the firm in Los Angeles. He gave us a lengthy explaination about how credible they were and how well they did in the loan modification process. [continued below]....
..... He assured us his "firm" would send us peridioc updates and emails as to the status of our progress with the bank on a biweekly basis. He even went so far as to quote a "rate schedual"
with a breakdown of payments and iterest rates we would be paying if we allowed them to represent us in the modification.
To summerize the meeting he said in three months "after depositing $3500.00 with thier firm" we would be down to paying $25.00 a month and would have had a counsler "a modification counsler" that is assigned to our case within the first 30 days. The catch was we needed to be in default on our payments and we were not. His reaction was "well then theres nothing we can do to help you" which if you have ever delt with a modification is a complete lie, I just wish I had known it then (sigh). Ironiclly even though we were not in default they accepted our money as a "retainer" and gave us no indication of how the funds were to be spent.