I was solicited via phone by New Hope Solutions in their effort to find new loan modification business. I own my home free and clear, but was curious about the loan modification industry so I asked some questions and requested some info from them. I spoke with the owner, Stacey Mathes, who was very nice but a little too hyper.
After I did some research on the company and Stacey, I felt compelled to notify the public of the dangers in getting involved with the likes of them. There are much more established companies to work with in this business. The very cheap website, www.newhopesolutions.org, shows cheesy tag lines and pictures. The owner Stacey Mathes has many complaints against her online, reaching as far as New Jersey. She also holds no Illinois Loan Officer license.
The escrow account they require you to put your money in has several loop holes allowing them to withdraw your funds whenever they see fit. It is YOU who cannot withdraw the funds.
Don't fall for shady companies like this one. Hire a good lawyer to contact your bank directly for a modification. Educate yourself on your lender's website and government sites.
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