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Ditto here. Lendamerica seems too good to be true; especially in these troubled times. Looks like another slippery life ring being thrown to the drowning. My granddaughter is being taken by OCWEN at a rate of 15% on a $39K loan and now they have sneaked a reappraisal in there and are trying to add another $7000. She only missed three payments and has been legitimitally trying to keep up but these outsourced representatives keep screwing with her. Her orginal mortgager Egis went belly up and OCWEN took over. What a mess! KWW Ohio
I was in a variable rate loan with barely 20k in equity I got a loan with Lend America in April and it was fast. It was probably 45 days at the most. I had bad credit, 550. But the experience was fast and pretty much all i expected. Very few surprises, my cash out with delivered in 24 hours, despite living in CA and dealing with a New York. FYI I got there info from the INfomericial.
I agree...any other feedback on Lend america? there is way too much scandal and corruption along with mortgage companies going broke to all of a sudden have this miracle company save the day. Trying to consolidate 2 mortgages but want to avoid all the dumb mistakes made by too many people by trusting an organization without any reputation.
They are legit, but just because they are legal does not mean they are a good company. The FHA loans are mostly crap and most of the businesses that deal them out are not good to work with and can bombard you with fees, false promises, and bait-n-switch tactics. Judging by their commercials, I would say that Lend America is no different - however I have no personal experience with them so take that with a grain of salt.
For more info on the FHA loans, see this article (forum won't let me make a link, so you'll have to copy/paste the URL, sorry):
[url=http://www.businessweek.com/magazine/content/08_48/b4110036448352.htm]FHA-Backed Loans: The New Subprime - BusinessWeek[/url]
Lend America is a bank that specializes in Government backed securities. We are a direct lender, not a broker. We are the leader in the "Hope for Homeowners" program designed by HUD. Lend America is trying to save more than 10,000 homes this year. This program helps homeowners who ran into hard times who need a second chance. They could owe more than the home is worth and we will try to HELP. No Joke. There is loan criteria that has to be met so if you know of anyone feel free to call on me to explain it more in detail. We also offer conventional loans at great rates.
Feel free to call me directly if you have any questions.
Mark
800-707-5626 x 1723 www.lendamerica.com
I don't believe we have any loan programs that do not look at credit scores, however, FHA and VA both state they have no minimum score, except FHA recently published they would not lend on high LTV loans with credit scores below 500. However, most of the investors do have a minimum score requirement. 580 - 600 is a caution area, below 580 could be quite challenging or priced accordingly for finding investors.
If you have adequate equity, you don't need a bailout loan (which is good) and can just go w/ a regular FHA loan. Right now, you can go to 97% of appraised value for a rate/term refinance. Cash out will tolerate a 95% loan balance against the value, but is rumored to be cut to 85% in the immediate future. If you have adequate equity, you should be fine.
Okay, so let's assume the score is challenging, what are the other considerations? What is happening to your monthly payments? Have you been on time for the past 12 months? Are there any liens against you? Judgments? Collections may not be required to be paid off, it's a lender to lender call. (We do not require medical collections to be paid off). Do you have any savings? I can go on.....but I think you get the idea, it's a whole lot more than just the credit score.
Not knowing your situation, I can tell you a general rule of the thumb is if you are making payments on time that are more than the new payment, that is a huge plus in your favor. I recommend you get someone to assess your situation, but whatever you do, don't apply online. You have very little control where your personal information is sent and how many times your credit is pulled. While it may not lower your score if pulled within a short period of time, it does increase your exposure to identity theft.
I really believe help is coming......it won't be in time to save many, but I cannot believe we are going to bail out the banks and then forget about the homeowner. (Not without major riots, at least). Hang in there.
Dear SmartMoney,
Where is the legitimate government help for the homeowners who are currently making their payments but see trouble looming in the next 6-12 months without a rate modification or a refinance to a lower rate? Are there any lenders (possibly through Fannie Mae, Freddie Mac or FHA) who will process a refinance even though the property has been listed for sale recently? Is Lend America a legitimate possibility?
Its on chanel 3 here, its set up to look like MSNBC or CNN. Its really focusing on the FHA re-fi bailout programs but if the house can't appraise for the right amount how can this program work?
Is this company really selling loans & helping people? It seems like some sort of new scam, but I can't figure it out.
In order to be FHA approved they have to be legit. But I can only comment on them as an appraiser: they are one of the best clients I ever had. They never hassled me on value and were always professional and above board.
how are you a FHA appraiser and real estate agent?
That's against HUD Guidelines
Quote:
Originally Posted by Schousse
In order to be FHA approved they have to be legit. But I can only comment on them as an appraiser: they are one of the best clients I ever had. They never hassled me on value and were always professional and above board.
"I refinanced through Lend America, and everything went through the closing just fine. However, they never paid off the original mortgage that was being refinanced. Now we are in a real mess. We have the original lender trying to collect on the outstanding debt, plus the new servicing company is trying to collect as well. They are a real big fraud. Take it from my first hand experience DO NOT USE LEND AMERICA. Find a legimate company to do business with. "
"The real owner of the company is Michael Ashley. The reason why he cannot be CEO is because he was arrested and cannot run the compnay legally. His father, which owned the original company, we sent away for 4 years for fraud under Ideal Mortgage Bankes. So, to keep the company going, Primeau is the president only in name and has nothing to do with the day to day operations. That is why you only see Michael Ashley on the commercials. Stay away. Loans never funds.... " FHA Mortgage Focus Fuels Lend America's Rise - [domain blocked due to spam]
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