World Wide Brokers, Inc. paid to get a loan modification but instead was misled into signing a repayment plan Brea California

i am a former employee of worldwide brokers inc.  i worked for the company for over three years and i am very familiar with all staff and business that took place.  the company was an exceptional company to work for as the man who ran it always demanded the best from his people and gave even more to his clients.  this company completed hundreds of modifications,repaymen plans, restructuring of loan amounts,forebarences,shortsales etc.......

ive read these reports and to be clear the person states that wwb did nothing to help them.  this is completely false!!  these people state that they recieved a repayment plan with the home savers program, well, this is a type of modification! that their lender was willing to offer at the time.  there are many types of modifications there is no one set program or formula for a modification.  each lender is different and offers there own version of a modification.  in this clients case, this is what the lender was offering to them.  the lender could have foreclosed on them and taken their house, but this didnt happen.  these people stayed in their home.  they might not be happy with the results but the fact remains they were given a modification.  they even admit that they signed and accepted it.  in their statement it seems that this took about a year to happen, which is pretty normal in the modification time line.  these people fail to mention they made no payments to their lender while this was going on which based on there own statement for a mortgage payment of $2512 saved them $30,144!  wow, not bad.  yet wwb did nothing for them. 

these people got caught up in the media and wanted the lender to just make their interst rate 2% principle and interest, a huge principle reduction, bring them current, erase their negative credit history, and forget about their second mortgage if it applied.  well thats a disneyland dream and riduclous.  i wonder how they would react if the shoe was on the other foot?  if they sold someone something that was worth hundreds of thousands of dollars and the people signed a contract and promised to pay the money back to them on an agreed upon interest rate, and then just suddenly wanted them to renegotiate everything which would cause them to lose hundreds of thousands of dollars.  would they be willing to do this?  probably not. 

these people stated that their payment didnt go down.  while in reality it probably did.  most of these people were on interest only loans. or a "neg am" loan  most times the lender would change it to an interest and principle payment keeping the payment the same or sometimes reucing it by a small amount.  people like these would object saying wwb did nothing for them.  when in reality if you do the numbers when you go from an interest only or "neg am" loan to a p & i payment, the payment goes up $500-$1500 plus dollars.  so if there payment stayed the same, good job!  but according to them nothing was done.

one last thing, in order to recieve a home savers program you have to qualify.  this means wwb had to have prepared their financials and full package and present it to the lender based on information and data that would have been collected from the client.  this package is normally 15-40 pages of work.  wwb did a tremendous amount of work on these peoples home and the only way to thank wwb is to bad mouth the company and demand their money back.  i know for a fact that bill always insisted on customer satisfaction.  but with clients like this you can never please them.  no where in there contract does it ever state they need to be happy.  the work was done!!  these people who probably didnt qualify for a loan to begin with and probably should never have been given a loan of this size.  were able to keep their home because of wwb.  as far as lenders saying they never spoke to us well we speak to different people than the consumer.  most times the consumer is speaking to the collection department not loss mitigation. and believe it or not these lenders have many departments within their company and none of them communicate with each other.   wwb would not have been able to get these people a home saver program with only one phone call. 

since these people cant go after the big lender, why not go after the small company that saved their home.  that makes alot of sense. 

the real story!!