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We received mail from the same company saying the exact same thing. What upset me was wondering how they got our info. Our home was not pending foreclosure as we were in the process of a loan mod and also making trial payments. Called our mtg company and confirmed that they were not about to foreclose on the property due to the loan mod status and to disregard the letter.
I think whenever you become delinquent the mortgage company files certain paperwork that says that you are not meeting the terms of the mortgage. I think this is required before initiating foreclosure. This becomes public record. It is the same way you get a lot of mortgage insurance offers after you close on your mortgage.
It is also possible that a similar letter is being circulated in your community to everyone, whether or not they even have a mortgage.
I remember a few years ago, my mom got a letter stating that Company X noticed that she was having trouble paying her bills and that they could get her a loan for $40,000.
At the time, she was in the process of applying for a $400,000 loan. Her credit score was over 800 and she was having to problem at all paying her bills.
She totally freaked out, called her accountant, her banker, her attorney, pulled her credit report, and then sent an angry letter to the FTC (at least I think that was who it was).
Point being, this might not be directed at you personally, and it may not have anything to do with the status of your house or loan.
Most people who are seeking loan modifications ( stated in the OP ) aren't in a financial position , equity wise, to get a new mortgage with a different company.
That part is just for effect to let them know how mad you are..
I'll keep this as short as possible. Just received a letter from a company in Medford, NJ called Mortgage Help For America. The letter states it has come to their attention there is a pending foreclosure about to be filed against our property. We are currently doing a trial mod with our mortgage company. For some reason this just doesn't seem right. There are typos in the letter for one thing which raises a red flag to me. I tried to search this company but could not find anything about them. How can I find out more info about this company? My gut says to just throw this letter out but I need to find out what is going on.
The letter also states they think our mortgage is a Predatory or Fraudulent loan that has federal and state violations. What does all this mean? I have to admit this letter has really shook me up. Any info or advice is greatly appreciated.
Yes you are right - another modification company is marketing you, or at least trying to scare you into contacting them. Threw it away. Besides working directly with your lender, only law firms can accept any money up front to work on a modification.
As for the statement that your loan is predatory, unless you have an obscene high interest rate. What they are doing is trying to scare you into a forensic mortgage audit. This is a waste of time and money. Even if there was something found, all the bank has to say. "You signed for the loan at closing".
We are trying to help someone sell a house short right now who has a 15% interest rate (no, we did not help them buy the house, I can't imagine who would let them take that loan). They bought the house about 4 years ago, right in the peak of the craziness. They are paying like $2200 a month for a 1300 sq.ft. home. If that isn't predatory lending, I don't know what is.
We spoke to our mortgage company about the letter and they told us to throw it out. We're still in the process of a loan mod, been 6 months already. We have to send more documents but I expected that after reading other people's threads on here. But hey, nothing is easy in life.
Thank you all for your responses. It was very much appreciated! I learned a valuable lesson: 1)trust my gut reaction 2)go to the top to get the answers
If you have been paying your mortgage on time, then you should have no problem, also the best way to find out is call your lender who you are paying, they will know if anything has been filed against you.
I would not care about the letter unless it has your loan mortgage # on it and it's directly from your lender who you borrowed the money from.
Somebody in the system is selling your info on the open market to so called advertising agencies,scammers can access the same info,i'd talk to the people handling your mortgage stating in no uncertain terms that this will not be tolerated and a new company will be handling the mortgage if this happens again..
The credit bureaus sell you info for all kinds of things. The pre-approved credit card offers you get in the mail is one example. The other example is called a trigger a lead. This is where you info is sold once your credit report is pulled for a mortgage. You can opt out just like the DNC by going to http://www.optoutprescreen.com.
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We are currently doing a trial mod with our mortgage company. For some reason this just doesn't seem right. There are typos in the letter for one thing which raises a red flag to me. I tried to search this company but could not find anything about them. How can I find out more info about this company? My gut says to just throw this letter out but I need to find out what is going on.
Update...
We have to send more documents but I expected that after reading other people's threads on here. But hey, nothing is easy in life.
It was very much appreciated! I learned a valuable lesson: 1)trust my gut reaction 2)go to the top to get the answers
