Posted on: 29th Mar, 2009 04:54 pm
i just started working at this loss mitigation company a week ago. i had know idea what i was getting myself into. this kind of job you just can't have any kind of conscience or heart. after being on the phone listening to these poor people in financial ruin, i mean some down right heart breaking stories i didn't have the heart to tell them about the fees they will have to pay for our help! i came to this company knowing nothing about them i just know my friend told me she was making alot of money at her job and she can get me in. i went because i am struggling myself.
so i started asking my manager alot of questions. like: are we actually helping these people? why do they have to pay a fee up front? how come they don't go to there lender? what do i tell them when they ask us do we work for there lender? she told me that is not any concern to you! you are here to take applications and get them to send the fee!!!! she said maybe this isn't the type of work you should be doing. i told her she absolutely right about that, and i gather my things and left. i thought to myself this can't be legal. i went home and looked it up and came to this site. now my question is how are these companies getting away with prying on these poor people? why aren't they being shut down if what they are doing is illegal?
so i started asking my manager alot of questions. like: are we actually helping these people? why do they have to pay a fee up front? how come they don't go to there lender? what do i tell them when they ask us do we work for there lender? she told me that is not any concern to you! you are here to take applications and get them to send the fee!!!! she said maybe this isn't the type of work you should be doing. i told her she absolutely right about that, and i gather my things and left. i thought to myself this can't be legal. i went home and looked it up and came to this site. now my question is how are these companies getting away with prying on these poor people? why aren't they being shut down if what they are doing is illegal?
Good for you for walking out on that job! It is appalling to hear this is happening. With unemployment rates and foreclosures as high as they are presently, taking fees from people who are reaching out for help is awful. They are probably pushing the boundaries just as far as they can without being held accountable for fraudulent services. I am sorry that this greed still exists in our economic state when people should be pulling together and uniting. Makes me shudder...thank you for voicing your experience...
Hi Cantdoit!
Welcome to forums!
Thank you for sharing your experience with us.
Yes, the loan modification companies or the loss mitigation experts do charge fees for the service they provide to the people. It's really difficult for people to pay the fees up front as demanded by them but again we should note that these companies are also doing business. If they don't charge the fees, they would not be able to able to survive in the market.
In my opinion, it would be better if the borrowers could directly negotiate with the lenders and try to modify their loan.
Sussane
Welcome to forums!
Thank you for sharing your experience with us.
Yes, the loan modification companies or the loss mitigation experts do charge fees for the service they provide to the people. It's really difficult for people to pay the fees up front as demanded by them but again we should note that these companies are also doing business. If they don't charge the fees, they would not be able to able to survive in the market.
In my opinion, it would be better if the borrowers could directly negotiate with the lenders and try to modify their loan.
Sussane
i've made so many comments on this issue, it's pathetic. i'm thankful for a first-hand testimony on this topic.
fha.gov.
let me say that again: fha.gov.
if people would look there, they'd find plentiful sources of help in this modification situation - non-profit agencies that are willing and able to help in such a troubling time.
i hope more and more people will come to this particular topic and see the post so we can try to eliminate the ripoffs that are so commonplace.
fha.gov.
let me say that again: fha.gov.
if people would look there, they'd find plentiful sources of help in this modification situation - non-profit agencies that are willing and able to help in such a troubling time.
i hope more and more people will come to this particular topic and see the post so we can try to eliminate the ripoffs that are so commonplace.
I agree with all of the rip offs out there. However the reason why there are so many is because there are millions out there who are willing to believe anything. Millions out there who will sign before reading. To some degree, people meet the rip off artists half way. So, although the con men need to be prosecuted, I struggle with the concept of bailing people out who made poor decisions.
