Compass Lending was the firm that I went through for refinance on an adjustable loan which I should not have qualified for. I was assured by their agent that I would be able to refinance again into a 30 yr fixed after a couple of years. Long story short, the country had gone into a recession and I was unable to do anything at all with my house. Compass solicitated my business to "Modify My Loan" and because I was a previous customer they would only charge me $1600. They did no more than I had already done to negotiate with my lender. They made no contact with me OR my lender with regard to any negotiations. When my home went up for auction I contacted Compass and they made a few phone calls to my lender only to confirm what my lender had already offered me prior to Compass contacting me with the acception that I was able to negotiate my own longer terms.
Compass lending told me that they had over 400 applications for loan modifications and that was their reason why they did not have the manpower or time to deal with mine.
BUT THEY HAD NO PROBLEM TAKING MY MONEY, and they are not approved by the Dept of Real Estate to take money up front.
STAY AWAY FROM COMPASS FINANCIAL SOLUTIONS, it is no solution, just money down the drain. Do your own negotiations.
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