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Va-Cat,
Yes, it has been established that no one has closed, thanks. If someone signed up with the program asked how long it took then they are idiots because that is all discussed when you sign your contract with JW. The contract is straightforward and clear, if you haven't closed in 1 year then you get a full refund.
Also, yes there have been posters who have commented here and no where else. Probably because they (like myself) have no interest in or advice to give for anything on this board besides this post. So if you're implying that it's strange we've posted no where else, well then that's your own Moderator cut: personal attack.
Feel sorry for those who have signed up all you want. Either way, what's done is done. However, you don't really know all the details of how this program works so I am hard pressed to see how you know exactly what's going on.
Last edited by Green Irish Eyes; 06-14-2009 at 09:22 PM..
Reason: Personal attack
Ok so here is a little bit of info/insight regarding this program. Let me start off by saying I am in this "Program" and yes against my better judgment my wife and I paid the $3500.00 to J.W. we'll take your money Financial Solutions in December 2008. As you all know JW does have a active desist and refrain action against them. I have personally spoke to the DRE (Department of Real Estate) which DOES currently have a active investigation into JW regarding what they are doing. During JW presentation in December that I attended I specifically asked Jesse Wheeler if they were licensed with the DRE and his response was "YES" and they are incorporated blah blah etc. Well if they are licensed why do they have a desist and refrain order? The DRE doesn't hand them out like skittles.
The Facts -You do have to be licensed in the State of California to do Real Estate and/or Mortgage Modifications. JW's response is they are not doing modifications, they are working with investors to buy notes. That's funny cause in my pathetic excuse for a "contract" I signed with them it states Mortgage Modification. Also it is Illegal for them to collect any kind of money prior to services being rendered especially if you have a received a notice of default or foreclosure. So what is this $1500.00 a month to prevent you from getting booted from your house?
The following is a direct quote form the CA Dept of Real Estate website
"If you are behind in your mortgage payments, you may be contacted by individuals or companies that will offer to help you work out a loan modification with your lender or provide other services to you in order to help you prevent a foreclosure on your home.
You must be very careful if you are asked to pay for any of these services in advance, whether in cash, check or by charging your credit card. First, California Civil Code Section 2945, which regulates "foreclosure consultants", forbids anyone who falls under the definition of a “foreclosure consultant”, as well as a real estate licensee, from collecting any advance fees for these types of services if a Notice of Default has been recorded against your property. If your lender has recorded a notice of default, do not pay an advance fee to a real estate licensee, or to any person or entity. California licensed lawyers when rendering services in the course of their legal practice(s) are exempt from this prohibition. There are non-profit agencies that can assist you without charging you a fee and real estate licensees who can represent you for a fee to be paid after they have completed their work."
There is a stipulation that allows them to collect fees upfront only if they have a established fee schedule with the DRE and are on a approved list and the NOTE IS CURRENT!! OOOOOPPPPS Doesn't look like they are on that list either.
"If a Notice of Default has not been recorded against your property, it may be permissible for a real estate broker to assist you in working out a loan modification or otherwise negotiate a possible resolution to your problem with your lender or loan servicer and ask you for payment in advance for their services. However, the broker must have you sign an agreement that tells you what services will be performed, when they will be performed and how much you must pay. The broker cannot have you sign an agreement until it has been submitted to the Department of Real Estate for review and the broker has received permission to use it and collect the advance fee."
Sooo what do we have on JW Financial Solutions
1. No license
2. Desist and refrain order
3. Illegally taking money upfront
4. Not on a approved list of DRE licensee's to take upfront cost
5. Active investigations with the DRE, SAC District Attorney, and I believe the FBI
6. Not a single Note has been purchased/modified. No one can provide any evidence to state otherwise.
I have been hearing since January that these "pools" are going through "BofA, CountryWide etc". The fact of the matter is to this day they say the same thing. Well now CountryWide is BofA blah blah. Seems like nobody gets straight answers.
So any company that is conducting business like this is not legit. I just wish I was this diligent in investigating and expanded my knowledge of the current Laws prior to cutting a check for $3500.00.
This is not to say any of the other services they are offer Are or ARE NOT legit.
I used a retirement fund loan -- I mean, I either get a 'new start' via JW, in which case my 'investment' will really pay off; or I MOVE, and REEEEEEEEALLY start over. I'd rather not move, so the possibilities with JW are worth the 'gamble' to me.
Hi. I am not sure I would do the same as you Zelva. Using a retirement fund and replacing it for a home should be considered a risk. But then again so are most retirement funds...
Yes, Synergy1 -- I definitely had to weigh risks!! Like I mentioned, if this is successful (which may be a big, fat, risky, "IF") I will gain multiples of the amount in equity. At least I didn't use it to buy lottery tickets -- but then again, that may have been better odds!! Or more fun!! I don't know. It's crazy times!! Sincere thanks for your well wishes!!
I will be trying to contact them to try and move forward in getting a refund. Worst comes to worse I will take them to small claims court. If I cant get a refund by the end of the week then I will be filing a claim next week. We have been documenting everything since my wife and I attended the seminar in December not to mention I have gone over this pathetic excuse for a contract with a fine tooth comb and I feel I have a pretty solid case. I am having my lawyer review my files now since I can't have him in small claims court.
I will be trying to contact them to try and move forward in getting a refund. Worst comes to worse I will take them to small claims court. If I cant get a refund by the end of the week then I will be filing a claim next week. We have been documenting everything since my wife and I attended the seminar in December not to mention I have gone over this pathetic excuse for a contract with a fine tooth comb and I feel I have a pretty solid case. I am having my lawyer review my files now since I can't have him in small claims court.
It seems to me we all signed the same contract which reads we do not get a refund until after 12 months. If that is the case, I am not sure how effective small claims would be right now. An idea is IF we all do not get our refund after the 12 mos, we go in as a class action. We may have more teeth and a greater possibility of collecting. The other thing is from my understanding, JW started this "program" in August of 2008. If no one has closed after 12 months in August, that is when the first refunds are to be paid out. If they are not able to refund that money at that time, the criminal proceedings will escalate and all employees of JW could be facing charges. I could be wrong, but this is my understanding.
Dimplesinsac - Yes, a class action suit will certainly have more of a impact. The fact of the matter is JW is operating illegally. If not by doing mortgage mods/note buying without a license then by collecting fees prior to services rendered without DRE approval or being a real estate lawyer. So everyone needs to get this idea out of their head of the "Contract" states this and that and the other. The "Contract" can state whatever the heck it wants to state thats the beauty of scams. So lets think about this for a second. In approx 1 1/2 months you think that JW financial solutions is going to be prepared to start writing checks to hundreds or thousands of people as the months go on because as far as I can tell not single NOTE has been negotiated/bought/modified whatever they want to call it. I know that some af the clients lost their home to foreclosure did they refund their $3,500.00? Prob not. Are they working for free? Do they not have bills themselves? I realize they do other dept managements and so forth. Lets face it they are either really Moderator cut: language at doing their jobs or they are just plain and simple Cons. People don't work for free. The only reason why they are still here is because they can say we have a year as stated in the "contract". If they are operating illegally and have been from the beginning then the contract is null and void. They had no legal right to even enter into a contract with anyone. Why wait to get your money back. Get it back now small claims court is $50.00. All it will take is 1 win and it will be a snowball!!
Last edited by Green Irish Eyes; 06-16-2009 at 11:44 PM..
Reason: Language
MXRacer225 -- Have you contacted JW and asked for refund "early" based on your other allegations? And expressed your concerns? If they will not communicate, or are avoiding you, something I've done in the past is send certified letter stating your case and giving them XX days to reply or you are moving forward with XX. Sometimes I put, copy to be mailed to (DA, etc) on xx date. This should at least get you some communication. Some constructive communications could save you and them. Or, have you already tried this? Or just not satisfied, period?
I have been in this thing since last August and still nothing.In April I was sent an urgent email telling me to submit pictures of my place in order to evaluate the values.When I asked my rep.Kani when this might be done he told me if they cross evert T and dot every I,it could be 2 weeks to 1 month.It is now June 21st and still nothing.He then said about 3 weeks ago that the values came in and had to be evaluated and if they were agreed upon then the investors were ready to purchase the notes.Haven`t heard anything since.When I tried to contact Kani the other day he didn`t return my emails or voice messages.I don`t like the way this smells.Someone let me know if they hear anything at all.It has been almost a year;this should have been done by now.Paul
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Class Action??
