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Ok, so now you know I'm a (chemically blonde) girl!! :-D All I can say is, if JWFS causes me a headache, I'm going to do my darndest to cause them a FAT one too!! (I mean I'm probably the only one who paid to get corp filing info.) I just thought -- if it comes to that -- several going to DA is a -little- weightier. KWIM? Of course, I'd try other things first... but anyway, I just thought the more, the "merrier"!! But really, I'm hoping JWFS will bring the merriment - albeit eventually!! Yes, ditto, Good Luck to all!!
gloworm, who is your rep there? Haven't you been in contact with that person lately? I don't know about you but I get frequent updates from mine and he is always available to speak with me when I call. And not to sound rude, but if you didn't think it was legit why did you sign up with them and spend the money? No one forced you to do that, sit back and give it some time, they told us it might be a while and that's what's happening. Have you been asked for pics of your home or your original loan docs? I guess they need those things (I sent mine in weeks ago) but some people aren't being very expedient with those and are holding up the process.
Oi! They want your docs b/c they are going to go over them and look for RESPA violations. There WILL be some RESPA violations, however most will not get your note reduced or invalidated. These guys know this and are banking on being able to pool a bunch of the same lender/violations together to make a package and then leverage that w/ the lender to settle w/ them at a certain percentage.
Some banks will do this, most won't. This is the same stuff that's being marketed and pitched to investors all over the country. Sounds great. But I would only turn to it if it's a last ditch effort and you do have the cash to burn.
And it's not people holding up the process, it the negotiations that are taking place, and the back and forth between attorneys and the fact that not a lot of investors are jumping into this, that is taking so long.
I've been through 4 of these pitches in the last two months. Out of about 25 investors on the last 2 conference calls, only 4 joined up. Do the math. 5-6 pitches/week, 2 per week, avg. investment of $50-100k. Guess how long it takes to get enough to bundle a $5-10M package that they can show has enough RESPA violations to warrant a write down.
no..we haven't been in close contact with our rep...he doesn't ever communicate with us..send emails..or call....then his email was non existant..... then i read blogs that JW has been shut down....these things scare me and i just want to make sure they are doing what they are sopposed to be doing.....it has never settled easy with me....yeah i hope it works and i am willing to wait...i'll wait 2 years even...whatever for it to go through....i guess i am just trying to cover my butt if they are a scam. we are also in contact with a deputy investigating this company because according to him JW isnt sopposed to be collecting money in advance among other things...something with their license etc...... no i have not been asked to send in a pic of my house. the loan docs....yes that was given along with the fee.
i think the way it works is legit...but it sounds too good to be true so i will be skeptical until the transaction goes through.... i will sit back and relax when i see someone else's documentation successfully handed over to JW. I will rest easy then.
I talked with our JWFS rep today and he said the status of the Countrywide pool is that Countrywide/BofA has agreed to sell the pool (the pool size is $750 million) and they are now negotiating agreement on the bottom line price. Hum....sounds positive. And my rep has been quite responsive. I've called about twice a month on average I'd guess.
no..we haven't been in close contact with our rep...he doesn't ever communicate with us..send emails..or call....then his email was non existant..... then i read blogs that JW has been shut down....these things scare me and i just want to make sure they are doing what they are sopposed to be doing.....it has never settled easy with me....yeah i hope it works and i am willing to wait...i'll wait 2 years even...whatever for it to go through....i guess i am just trying to cover my butt if they are a scam. we are also in contact with a deputy investigating this company because according to him JW isnt sopposed to be collecting money in advance among other things...something with their license etc...... no i have not been asked to send in a pic of my house. the loan docs....yes that was given along with the fee.
i think the way it works is legit...but it sounds too good to be true so i will be skeptical until the transaction goes through.... i will sit back and relax when i see someone else's documentation successfully handed over to JW. I will rest easy then.
I do hope your situation gets handled and that in the end something can be done to help you out.
However, what they are doing, and what several others are doing is not legit. The chances/odds are not in their or your favor to have a major modification or nullification occur.
What needs to happen is you guys need to hear some of these pitch schemes for the investor pools, and decide from there.
You people actually coughed up large amounts of money UPFRONT to these guys??
I can't imagine doing such a thing.
With the lingo of "our rep" "the program" and "our pool" I would be very concerned.
What my Rep told me is the investors have been in place - interested in buying loans, or "pools" of loans at 25 to max of 50 cents on the dollar (which is common in these economic circumstances -- loans sell and re-sell all the time - but not usually at these "cut" rates).
My understanding of why this is ligit (to charge a fee up front, etc, in practice, but not necessarily this firm) is that it's not a real estate transaction or service -- it's a financial and legal transaction (ie loans are sold all the time) conducted by a law firm (JWFS is incorporated under an LA law firm).
The fee is a common legal type payment for expected services and refundable if unsuccessful (as stated in the paperwork). So I guess I'm saying that my understanding is that the "pitch schemes for investor pools" happened already. I understand that Mr. JW has a background in banking.
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