Posted on: 17th Jan, 2009 04:07 pm
Has anyone had any experience with Elife, Inc? Not the mortgage acceleration program that was discussed in another post, but their load modification service?
Elife is a company out of Vancouver, WA, and they claim to be a legal network of attorneys and mortgage modification specialists. Allegedly, they have a high rate of success when it comes to getting the interest down - they quoted some examples of interest rates as low as 2%.
Although I am skeptical about any lender out there lowering a 30yr fixed rate from 5 or 6 percent to 1 or 2 percent, I suppose anything's possible in today's market conditions.
So, if you've dealt with them, let me know what your experience was like...
thanks much
Elife is a company out of Vancouver, WA, and they claim to be a legal network of attorneys and mortgage modification specialists. Allegedly, they have a high rate of success when it comes to getting the interest down - they quoted some examples of interest rates as low as 2%.
Although I am skeptical about any lender out there lowering a 30yr fixed rate from 5 or 6 percent to 1 or 2 percent, I suppose anything's possible in today's market conditions.
So, if you've dealt with them, let me know what your experience was like...
thanks much
Hi!
Welcome to forums!
I haven't heard anything bad about them. However, you should note that if the interest rates for paying back the mortgage payments is reduced, then the term of the mortgage must have been increased. So before agreeing on a loan modification plan with your lender, check out the term of the mortgage as well.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
I haven't heard anything bad about them. However, you should note that if the interest rates for paying back the mortgage payments is reduced, then the term of the mortgage must have been increased. So before agreeing on a loan modification plan with your lender, check out the term of the mortgage as well.
Feel free to ask if you have further queries.
Sussane
Thanks Sussane. Do you mean that on every modification resulting in a lower interest, the term is extended so that the lender ends up getting the same amount of $$ over the full life of the loan?
Welcome,
In a loan modification, the lender gives you a new repayment plan so that it becomes easier for you to pay the dues to the lender. In that case, if the lender reduces the interest rates, the term of the mortgage will normally be raised. To know more about loan modification, check out the following link:
http://www.mortgagefit.com/know-how/loan-modification.html
In a loan modification, the lender gives you a new repayment plan so that it becomes easier for you to pay the dues to the lender. In that case, if the lender reduces the interest rates, the term of the mortgage will normally be raised. To know more about loan modification, check out the following link:
http://www.mortgagefit.com/know-how/loan-modification.html
Hello and welcome to the forum.
I have not heard of Elife, however make sure you understand the costs involved. When I see "network of attorneys", red flags go up all over the place as far as costs go.
Make sure you ask what the "up front" fee is if any and what the total amount is. Do they have any guarantee? Like, if you are not satisfied with the modification, do you get your money back. Do they want the total fee up front? If yes, again I would think "red flag".
Thanks,
Rob
[Promotional text deleted as per forum rules. Thanks.]
I have not heard of Elife, however make sure you understand the costs involved. When I see "network of attorneys", red flags go up all over the place as far as costs go.
Make sure you ask what the "up front" fee is if any and what the total amount is. Do they have any guarantee? Like, if you are not satisfied with the modification, do you get your money back. Do they want the total fee up front? If yes, again I would think "red flag".
Thanks,
Rob
[Promotional text deleted as per forum rules. Thanks.]
You don't have to pay them $4500.00 to modify your loan. If you are experiencing a hardship, call your bank, they will work with you for free.
Beware of Elife, Vancouver, WA. They have been reported to the Clark County Sheriff's office, Vancouver, WA, because of questionable practices. They are being reported to the WA State Department of Financial Institutions. Their phones were shut off last week (with the excuse of switching phone services). They are not answering calls. Their doors are locked. Their charge is usually $4,500 to complete a modification. This charge varies and most often is handled by a down payment ($1,000 to $1,500) and a contract for the balance.
We know of approximately 400 modifications they are handling. We have made many referrals to this agency and know of no one personally who has had a modification completed. Two for certain went into foreclosure after being with this agency for 7 to 9 months. Attorneys independent of Elife are now working on those modifications.
If you have a modification pending with Elife, Vancouver Wa, check out the above information. It would be in your best interests to do so.
We know of approximately 400 modifications they are handling. We have made many referrals to this agency and know of no one personally who has had a modification completed. Two for certain went into foreclosure after being with this agency for 7 to 9 months. Attorneys independent of Elife are now working on those modifications.
If you have a modification pending with Elife, Vancouver Wa, check out the above information. It would be in your best interests to do so.
Has anyone been able to confirm if Elife is still in business or if they are in the process of going out of business? I have already paid the $4500.00 and have been working on my loan modification for 6 months. I can confirm the phones are off as i have not been able to contact them for a week.
Thanks in advance for the help.
Thanks in advance for the help.
Hey Jinny...why don't you contact your attorney and ask him to deal with the company? This will help you in knowing the true picture...
The president of elife is James Dunne. His cell phone is 503-871-5416. If you have not been helped you should file a complaint with dfi. Search for department of financial institutions for Washington. It is on the first page. These people need to be stopped!
Hi, I give them $4500 in November 2008 and I've been trying to contact them but their phones are out of service. PLEASE DO NOT GIVE THEM ANY MORE OF YOUR $$$. It's so sad that now I have a big bill and no service.
We also paid 1495.00 for our loan mod and got the same run around and no response from elife they said that it is in the process.The process has been since January and our house has gone in forclosure. Is there any loan mod people that you can trust out there? Please if you know of any please reply!! Thanks
Vancouver mortgage broker penalized
Firm fined, barred from doing business in Oregon
Tuesday, July 7 | 8:19 p.m.
BY LIBBY TUCKER
COLUMBIAN STAFF WRITER
A Vancouver-based mortgage brokerage firm, Lighthouse Financial Group, and its president Sheldon Harmon have been barred from doing business in Oregon for illegal lending practices. The company, which is licensed under the name Crown Point Enterprises, is also being monitored by Washington state investigators.
" pretty severe, there was fraud involved," said Kevin Anselm, chief of enforcement for the Oregon Division of Finance and Corporate Securities, on Tuesday.
The Oregon Division of Finance and Corporate Securities said that Lighthouse violated the states mortgage lender law by opening unlicensed branches, failing to notify the state of new hires, hiring brokers with criminal records or unlicensed brokers, keeping shoddy client records and providing fraudulent information on mortgage applications.
Lighthouse has held business licenses in Oregon and Washington since 2002. It has operated branches from 11 different locations in both states over the past seven years, and has licensed offices in Vancouver as well as Hillsboro, Salem, and Lake Oswego, Ore.
On Tuesday, calls to the Vancouver Lighthouse corporate office found the number disconnected, but its office at 4001 Main St. was open with a different business name, eLife Financial. An office staff person said the business was no longer operating as Lighthouse and that Sheldon Harmon was not available.
Meanwhile, Washingtons Division of Finance and Corporate Securities conducted a similar investigation of Lighthouse business practices in 2008 and found some violations in the companys disclosure forms, but not enough to warrant revoking the compans license, said Deborah Bortner, director of consumer services. The state will continue to monitor the company, now doing business as eLife Financial, based on its record in Oregon, she said.
Oregons $126,500 fine
On June 22, Oregon issued a $126,500 fine against Lighthouse. But because the illegal activities occurred before May 2008, when the department gained the legal authority to bar businesses from operating in the state, it couldnt completely ban the business, Anselm said.
Instead the division reached a settlement with Harmon, who agreed to stop conducting all business in Oregon. In return, Lighthouse will only be required to pay $10,000 of the fine if it complies with the order.
"When youre taking away somebods ability to do the business theyve always done, thats a pretty high price," said Anselm. "Thats why thats more important to us than the money."
Harmons attorney did not return calls seeking comment.
The Oregon agency has received 10 formal complaints against Lighthouse Financial Group from borrowers since 2004, with some as recent as this year. The divisions investigation only extended to activities occurring until 2008, said Anselm.
Firm fined, barred from doing business in Oregon
Tuesday, July 7 | 8:19 p.m.
BY LIBBY TUCKER
COLUMBIAN STAFF WRITER
A Vancouver-based mortgage brokerage firm, Lighthouse Financial Group, and its president Sheldon Harmon have been barred from doing business in Oregon for illegal lending practices. The company, which is licensed under the name Crown Point Enterprises, is also being monitored by Washington state investigators.
" pretty severe, there was fraud involved," said Kevin Anselm, chief of enforcement for the Oregon Division of Finance and Corporate Securities, on Tuesday.
The Oregon Division of Finance and Corporate Securities said that Lighthouse violated the states mortgage lender law by opening unlicensed branches, failing to notify the state of new hires, hiring brokers with criminal records or unlicensed brokers, keeping shoddy client records and providing fraudulent information on mortgage applications.
Lighthouse has held business licenses in Oregon and Washington since 2002. It has operated branches from 11 different locations in both states over the past seven years, and has licensed offices in Vancouver as well as Hillsboro, Salem, and Lake Oswego, Ore.
On Tuesday, calls to the Vancouver Lighthouse corporate office found the number disconnected, but its office at 4001 Main St. was open with a different business name, eLife Financial. An office staff person said the business was no longer operating as Lighthouse and that Sheldon Harmon was not available.
Meanwhile, Washingtons Division of Finance and Corporate Securities conducted a similar investigation of Lighthouse business practices in 2008 and found some violations in the companys disclosure forms, but not enough to warrant revoking the compans license, said Deborah Bortner, director of consumer services. The state will continue to monitor the company, now doing business as eLife Financial, based on its record in Oregon, she said.
Oregons $126,500 fine
On June 22, Oregon issued a $126,500 fine against Lighthouse. But because the illegal activities occurred before May 2008, when the department gained the legal authority to bar businesses from operating in the state, it couldnt completely ban the business, Anselm said.
Instead the division reached a settlement with Harmon, who agreed to stop conducting all business in Oregon. In return, Lighthouse will only be required to pay $10,000 of the fine if it complies with the order.
"When youre taking away somebods ability to do the business theyve always done, thats a pretty high price," said Anselm. "Thats why thats more important to us than the money."
Harmons attorney did not return calls seeking comment.
The Oregon agency has received 10 formal complaints against Lighthouse Financial Group from borrowers since 2004, with some as recent as this year. The divisions investigation only extended to activities occurring until 2008, said Anselm.
there are thousands of these companies throughout the country - some of them are probably legitimate. many of them have made overwhelming profits out of the hardships of borrowers with no results other than frustration for these borrowers.
there are also thousands of organizations that will work with consumers FOR FREE and that are listed on the HUD website (hud.gov).
is there some sort of gene that runs through people's bodies that forces them to think that paying for a service will get better results than getting that service for free? it sure seems to be the case. in the meantime, these outfits that scam our public are raking in money hand over fist and when they get put out of business by governmental agencies due to fraud, they simply close up shop and open up again under a new name.
shameless...i pray the public will wake up one day soon.
there are also thousands of organizations that will work with consumers FOR FREE and that are listed on the HUD website (hud.gov).
is there some sort of gene that runs through people's bodies that forces them to think that paying for a service will get better results than getting that service for free? it sure seems to be the case. in the meantime, these outfits that scam our public are raking in money hand over fist and when they get put out of business by governmental agencies due to fraud, they simply close up shop and open up again under a new name.
shameless...i pray the public will wake up one day soon.
Corrections: Correction July 10
Thursday, July 9 | 11:10 p.m.
Lighthouse Financial Group: A July 8 article about Vancouver-based mortgage broker Sheldon Harmon and his company Lighthouse Financial Group incorrectly stated that the company is now doing business as eLife Financial. ELife occupies the same address as Lighthouse Financial Group but is not licensed to Sheldon Harmon.
It is The Columbians policy to correct errors. Call Mary Ricks at 360-735-4550.
Thursday, July 9 | 11:10 p.m.
Lighthouse Financial Group: A July 8 article about Vancouver-based mortgage broker Sheldon Harmon and his company Lighthouse Financial Group incorrectly stated that the company is now doing business as eLife Financial. ELife occupies the same address as Lighthouse Financial Group but is not licensed to Sheldon Harmon.
It is The Columbians policy to correct errors. Call Mary Ricks at 360-735-4550.