Question about company offering to lower loan amount (2009, real estate, California)

[Mr. Marty]

Originally Posted by jhorton7

if this JW financial Solution Company actually does what they say they do? I dont care about the option arm loan. I just want to make sure that there have been people with results out there. do they actually lower your loan balance and does it take 3- 5 mos.? Is there any one out there that has completed this process?

I have the same question. Does anyone know of somebody that has completed this process successfully?

[wealthceo]

Sounds like we have a bunch of know it alls that think they know everything...if a person is upside down in their home - they are basically screwed. No traditional loan modification can help them by simply reducing their rate or extending the term. Thats putting a bandaid on a bullet wound. I've been a debt settlment company owner for 10 year and have helped thousands of customers with a 85% retention rate. Please do not comment on something that your not well educated and versed in. In most cases the next step for people is Bankruptcy and thats the worst thing anyone can do. I also do the equity builder program and have successfully bought and modified our first batch of unperforming notes, over 200 loans at over 25 million dollars.
See thats why opinions are free, because everyone has one and it cost them nothing to give. Bottom line is - if you have over 10k in credit card debt and can just pay the minimums or your upside down in your mortage your SCREWED! Except for companies likes ours actually making a difference and trying to be proactive.

[mrgb79]

Originally Posted by Karla with a K

I went to the site and took a "look-see"
What I found interesting was this statement
"Your current loan(s) will be pooled alongside the loans of other JWFS clients, categorized by lender. Once there is enough volume in the specified ‘Pool’ our investors will then negotiate a purchase of the pooled notes and the servicing rights of those notes at the going or discounted rate (according to Merrill Lynch the going rate is 22 cents on the dollar.) "
Make you think hmm "what happens while I am "pooled"" do you continue to make payments ? Make no payments while you wait for your "pool to fill" which will result in late payment charges and negative credit trade lines which could "snowball" into "opps sorry your credit score is too low you won't qualify"

So then as long as I was on the site I took a look at their "Debt Solutions" section Yup just as I though, they are one of those "debt settlement companies" and we all know my opinion on them.

Then I saw
"JW Financial Solutions is a full service consulting and marketing company JW Financial Solutions and its affiliates offer a network of financial advisors, certified debt negotiators, attorneys, and mortgage consultants"

aha yup they are going to "farm you out" to one of their affiliates for what I am sure is a hefty fee

So being bored I gave their 800 number a call
The fee for this referral program is $3500
I also asked and the fee to "settle your debts" is a % based on what they save you

Adding this to the very helpful info rcarrillo posted and I would tell your friend to run very fast away from this "wonderful opportunity"

They don't base the new loan on credit, they base it on your current income and the property it self, which after they give you a new loan it should have 25% equity that helps secure them a bit more if you default again.. The investors are a private portfolio lender called Horizon Property Holdings.. I think..

[bighusker]

Originally Posted by wealthceo

Sounds like we have a bunch of know it alls that think they know everything...if a person is upside down in their home - they are basically screwed. No traditional loan modification can help them by simply reducing their rate or extending the term. Thats putting a bandaid on a bullet wound. I've been a debt settlment company owner for 10 year and have helped thousands of customers with a 85% retention rate. Please do not comment on something that your not well educated and versed in. In most cases the next step for people is Bankruptcy and thats the worst thing anyone can do. I also do the equity builder program and have successfully bought and modified our first batch of unperforming notes, over 200 loans at over 25 million dollars.
See thats why opinions are free, because everyone has one and it cost them nothing to give. Bottom line is - if you have over 10k in credit card debt and can just pay the minimums or your upside down in your mortage your SCREWED! Except for companies likes ours actually making a difference and trying to be proactive.

Huh? Who are you talking to?

[Rick Lee]

Cue the spam blockers. 3....2.....1.....

[glowormkvh]

Which lender is it? West Coast in Beverly Hills or Horizon Property Holdings? Why does one JW rep say the fee is 3000 and some others say 3500? Also I have called many Aurora Banks and they are alllllll small banks. 200 home loans huh? They all had no idea what i was talking about and said no way they'd do business like that. Also why do we have to pay an up front fee if you're going to give us the money back if it doesn't work? Say the negotiations don't fly...there's still attorney fees and so forth? Who's going to pay for all that after all that work and it didn't go through? We get our money back? How can you prove this isn't a scam!????????????? Testimonies? Lets get some names of people that are going through the negotiation process....

[dlosoya]

Originally Posted by glowormkvh

Which lender is it? West Coast in Beverly Hills or Horizon Property Holdings? Why does one JW rep say the fee is 3000 and some others say 3500? Also I have called many Aurora Banks and they are alllllll small banks. 200 home loans huh? They all had no idea what i was talking about and said no way they'd do business like that. Also why do we have to pay an up front fee if you're going to give us the money back if it doesn't work? Say the negotiations don't fly...there's still attorney fees and so forth? Who's going to pay for all that after all that work and it didn't go through? We get our money back? How can you prove this isn't a scam!????????????? Testimonies? Lets get some names of people that are going through the negotiation process....

I would like to respond to your questions...
A good friend of mine who I will gladly tell you on the phone not on a public website is in the program. The fee varies because as a rep for the JW, we are aloud to charge up to $1000.00, some reps may charge only $500.00 if it is a close friend or what not. This is a negotiation tool for each rep to use when making a deal. If you look up JW on the BBB, You will see they have no complaints!
Also the Horizon is an investment company that buys the note, and west coast is the new lender of the new lower note. NOT all banks will allow Horizon to purchase these notes at today's market value, but when Horizon purchases these notes in bulk which gives us leverage to purchase these non porforming notes.
If you feel it is a scam.. well its not a free service, and I personally am not willing to ruin my reputation in a fraudulent business.
I have done more then enough research and would be glad to give you the company managers phone number if you have more questions.
You do not have to do this program, but it is A GREAT PROGRAM for people that really need help.
You can contact me on my website
www.savemyhomeprogram.org
THANK YOU

[glowormkvh]

Thanks for responding. Is there anyway of proving that Auroura Bank negotiations and loans went though to ease such skepticism? ...or are we to take a leap of faith with this company? I've heard many more loans go through before this bank...is there anyway of showing that transaction???

[Sacmoney]

I can't speak for anyone else, only for my situation. And when I met up with JW Financial Solutions back in Oct of 2008 I was 6 months behind on my mortgage and I had a trustee sale date scheduled. Their attorneys, whom I have spoken with on several occassions, postponed my sale and its now cancelled meaning I don't have a sale date listed anywhere. I have not paid my mortgage since May of 2008. I don't know exactly what they did but it worked! My note has not been purchased by them yet (they are telling me mid April; delayed due to the 2 bail out packages by the feds) but when I started to ask the attorneys questions on the program he started to lightly chuckle and said "yeah you are still a little skeptical huh?" And of course I said yes and he then assurred me that this was not a pipe dream. So....this may not be nor work for everyone but they were and are a life saver for me!

[glowormkvh]

Sacmoney,

How were you able to talk to the attorneys? Do you mind emailing me?

Tawnya_vanhouten@yahoo.com

I would GREATLY appriciate it!!!!