ED Magedson – Founder
US Loan Auditors2882 prospect park drive Rancho Cordova, California United States of America
This company charges upfront fee of 1% of your orginial Mortgage Example $500,000 fee $5,000.0 to perform audit to determine if there are violations in your orginal loan docs. This audit from other companys costs Appox. $500.00.
Several weeks later you come in and go over audit with fraud investagator and if there are violations in the audit and in many cases there is, you are told you have a good case against the lender and you should proceed with there legal side.If by some miracle no violations are found you receive your money back within 30 days according to the company.
At this point if you decide not to go forward with the company there is no refund. The next step is you must sign a document and pay this company 1,250.00 per month for USLA to continue your case.
In this document each line that you sign It states we are not a foreclosure rescue company/we are not a loan modification company/we cannot give you legal advice and we are not attorneys.We cannot guarantee your home will not be foreclosed. To my knowledge they have not settled 1 Court Case.
They have testimonels that claim they have but are not true. USLA tries to hire attorneys on a contingency basis but most will not take the cases because they are only paid if there is some type of settlement.
If and when they do hire an attorney for a usla client many have called the client after a short time and have quit because they dont want to have anything to do with this company.The examples this company gives before signing any paper work is cases they say they say they have won.
In these example cases they have won there are principal write downs interest rate reductions and attorneys fees paid to attorney hired by USLA. This by defination is a LOAN MODIFICATION.
The principals of USLA also own a company by the name of Equityflips.com and they buy foreclosures. Its odd that some of the foreclosures that occur from USLA Auditors these owners are living in there clients foreclosed home and then they flip them for a large profit according to their website Equityflips.com
This report was posted on Ripoff Report on 07/11/2010 09:38 PM and is a permanent record located here: http://www.ripoffreport.com/r/US-Loan-Auditors/Rancho-Cordova-California-95670/US-Loan-Auditors-Shane-Barker-Jeff-PulvinoJim-Sandison-Forsenic-Audit-performed-Rancho-C-622389. 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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