ED Magedson – Founder
Ark Financial Services/ Bank of America701 W Cypress Creek Blvd Fort LAuderdale, Florida USA
Ark Financial Services/ Bank of America Mortgage modification fraud Fort LAuderdale Florida
I had been in a loan modification with Ark Financial located in Fort Lauderdale. Bank of America foreclosed and sold my home to Ark Financial Services and their affiliate companies while the modification agreement was being signed by me (while attempting to secure homeowners insurance) Loan Modification Fraud is still going ongoing.
A year and a half ago I was informed by Isaac Kodsi (owner) that Ark Loan Solutions (which Kodsi has an interest) purchased my non-performing loan from Bank of America (loan # 873334158) which I had sent all required documents to complete the modification with. I had been waiting for the release of funds to complete a $15,000.00 roof repair so I can secure private homeowners insurance, and complete the modification, which were held i escrow at BOA and Balboa insurance. I paid over $4000.00 towards the roof repair to complete this project. I was told by Kodsi, If I did not contribute monies for the repair the modification would not be completed.
In addition, I made three requests for Ark Loan Solutions to provide transfer documents and any other "legal" right to collect agreed mortgage payment, which was transferred to "BSI" from BOA. Ark Financial never provided any document, but insisted they were the "owners" of the mortgage and had the right to complete the modification and included a sizable principle reduction.
On January 2nd 2012, I received notice of sale from BOA as the plaintiff (I thought Ark financial owned the loan) I called "Ark" and was told; "yes we are selling your property on January 30th at auction. BOA purchased the home for 164,000 (I owed over $900,000.00 at this point) One other company bid 163,000.00 which is an unregistered Florida Corporation and associated with Ark Financial Services
I was mislead to believe, and lied to that a modification was in place, waiting for proof of the right to collect payments and "investor ownership", and now the property is sold twice since then. Beware of Isaac Kodsi and his practices.
This report was posted on Ripoff Report on 05/10/2013 05:56 AM and is a permanent record located here: http://www.ripoffreport.com/r/Ark-Financial-Services-Bank-of-America/Fort-LAuderdale-Florida-33309/Ark-Financial-Services-Bank-of-America-Mortgage-modification-fraud-Fort-LAuderdale-Flor-1049812. 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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