AS A CALIFORNIA PROPERTY MANAGER WHOS BEEN SCREWED BY WECOSIGN & FRANK JAKUBAITIS IM SHOCKED BY THE WALL STREET JOURNALS SMART MONEY PROPPING UP WECOSIGN INC. AS A LEGITIMATE COSIGNING COMPANY!
Im a property manager in California and agreed to allow Wecosign to guarantee the lease on three of my recent tenants two of which have already defaulted and had to be evicted. When Wecosign was notified within the contractually agreed upon time frame, they delayed and made excuses and tried to defend the conduct of the tenant and then used the Rental Payment Guarantee to get out of paying. Every time we spoke with Frank Jakubaitis, he told us that we had to speak with the Finance Gal who never seemed to be in the office. We subsequently found out that the Finance Gal is Franks wife, Tara Jakubaitis, AKA: Tara Valiza. I emailed Kirsten Mackey several times but she never replied which leads me to think she doesnt work for the company anymore.
I saw a posting on the BBB and spoke with Arnel Development who experienced the very same thing. Ive been requested to speak this year for the CA Association of
Property Managers and Im definitely going to warn my colleagues who may not be aware of this scam. It seems like the only people that are ever there are Frank and the Finance Gal Tara Jakubaitis, AKA: Tara Valiza, his wife.
I found an article written by Ben Popken entitled: Lease Co-Signers: Worth the Price? He writes for the Wall Street Journals Smart Money. I decided to call him and I explained to him my experience with Wecosign and Frank Jakubaitis. I also pointed out the significant discrepancy reported to him by Jakubaitis that, WeCosign says it has conducted 12,000 transactions since 2007 and represents more than 18 million individual rental units across the country. Im not sure how they conducted only 12,000 transactions but represent more than 18 million individual rental units? Not only does this not make any sense, it stretches credulity for Wecosign to claim they represent 18 million individual units.
Just because 18 million rental units exist doesnt mean that Wecosign can legitimately say that they represent those rental units. This is very deceptive since it has nothing to do with the actual amount of business that Wecosign conducts. I think that Ben Popken should have done a better job at cross-checking statements made by Jakubaitis since hes ultimately responsible for the article at least making sense. Jakubaitis obviously lied about the numbers but Ben Popken just went ahead and printed it without questioning its veracity. If a company really represents 18 million individual rental units, then they will have had to conduct at least 18 million transactionsnot 12,000.
It appears from reading some of the other postings on Ripoff Report and on Scambook.com that this guy Jakubaitis has some major issues. I looked up the case numbers listed on one of the postings at occourts.org and it turns out to be an Unlawful Detainer law suit against HIM! Apparently Jakubaitis the cosigner is being evicted out of the house that he leases in Tustin for defaulting on his lease. How can a guy (or a company run by a guy like this) really cosign for other tenants when he apparently cant afford to pay his own rent? Once I saw that, it all started to make sense. I now realize I was conned by this company and particularly by Frank Jakubaitis and since its a corporation, Im contacting the Dept. of Corporations to file a complaint.
I also spoke with a guy I know named Lance whos an investment banker and he told me that he and a group of other successful business men in Newport Beach and Laguna Beach know Jakubaitis and their advice was to just ignore him. They said he's like the bully in the class who's a little slow and will do anything for attention. Their conclusion was that he's basically "a wanna be."
This guy is pretending to want to help tenants with poor credit and landlords who need good renters but hes got no money and doesnt know what hes doing.
COLLEAGUES IN PROPERTY MANAGEMENT BEWARE! WECOSIGN IS A SCAM AND IS NOT A LEGITIMATE COMPANY!