I was contacted from a telemarketer from Nationwide Modification Agency about 4 months ago for information on a loan modification. I checked out there website www.natmod.com, which featured a picture of Katie Couric from CBS channel 2 news. They appeared to be a legitimate company with a 100% refund policy, licensed, bonded and insured.
After numerous phone conversations, Nationwide Modification Agency convinced me that if I followed their instructions I would be guaranteed a loan modification with an interest rate of 2% fixed for 30 years. Nationwide Modification Agency told me first and most important I needed to stop paying my mortgage in order to qualify for a modification and I had to fall at least 30-60 days behind on my payment. Up until this point, I was current and never made a late payment. I spoke to Nationwide Modification Agency almost daily until I was convinced to give Nationwide Modification Agency my mortgage payment instead of using it to pay my mortgage and in 30 days we would have a modification. I sent Nationwide Modification Agency $1,600.00 and that was the last time I received a call from their office.
After 3 weeks of not hearing from their office, I got worried and left messages everyday for my advisor or anyone that could give me status. Finally, I called my bank to find out what was happening with my mortgage. I was told by my bank that I now facing foreclosure because I was approaching 90 days late without any contact from Nationwide Modification Agency or myself in regards to why my payment was defaulted. It turned out Nationwide Modification Agency never even called my bank or sent them any information on my financial situation. After numerous attempts to speak to a supervisor, I finally got the owners name, which is Charles Montalbano. Since no one in the office would talk to me at 888-98-modify or at 631-851-4448 I drove 800 miles to the offices located at 700 Veterans Memorial Highway, Suite 100, Hauppauge, NY 11788. I was pushed off to one of the office assistants who apologized about my situation and still did not have any explanation to why this was happening to me.
When I got home I did some research on the owner of Nationwide Modification Agency Charles Montalbano and found out he was an ex-mortgage broker who's company went under because of fraudulent activity. Charles Montalbano was a mortgage broker who put hundreds of people in mortgages with adjustable rates when he knew they would default on them because they did not make enough money to pay the mortgage when the rates adjusted. Now Mr. Montalbano found a new way of scamming people out of money by pretending to do mortgage modifications. I also found out that there is no licensing for modification agencies, which Nationwide Modification Agency has advertised right on the home page of their website. I also contacted CBS news to find out their affiliation and what the affiliation Katie Couric has with Nationwide Modification Agency. CBS has said they are not affiliated with Nationwide Modification Agency and they are investigating the illegal usage of the reporter's picture and the insinuation that they promote this company.
It is really sad what this company is doing to hardworking people who are just trying to not lose their homes. I know personally it not only affected me but the saddest part is watching what it is doing to my children and the thought of not having a home especially with the holidays around the corner. Please beware of these scam artists do not let them ruin your life the way they ruined mine. Loan Modifications companies are complete scams and now it is costing me everything I worked so hard for to provide for my family. If you decide to do a modification, you should consult an attorney.
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