We have been trying to do a loan modification on a rental property we own for the last year. We tried on our own and were denied twice. At that time (October), we were contact by David Young of myStateProcessing. We agreed to work with him as a third party processor to attempt yet another try of the loan modification, explaining to him the situation. He said he contacted our loan company and was able to get us pre approved for a modification with a much better interest rate.
Exact Email: After speaking with Lynn from XXX today, below is what we currently have you pre-approved for at this point in time. Since this is not your primary residence the home does not qualify for any Govt programs only In-House. We will need to submit updated documentation to them as they will need to verify employment, rental income, tax returns etc.
At that point, he requested half the payment of $1000, which we sent a check for. We provided to him all the documents requested when asked. About a month later, I received a letter from the mortgage company denying us for a modification. When I called them, they said that a pre approval was never given to David Young. When I called and confronted David Young, he gave me different excuses. He told me to let him call them, which I did. Throughout this process, my loan company would leave me messages and I would call them back, and they were verifying information, still not knowing of an appeal from the first attempt. When I asked David about this, he told me that I was paying his company to contact the loan company and to just let him know when they call. The email/contact is very limited now. Before he got my money, he was constantly contacting me giving me 'updates.' I had requested my money back by the 31st if he was unable to get this loan mod preapproved. I contacted him yesterday and today and have not heard back. It does state in my contract with his company that if he cannot get the loan mod approved, that he refund the full amount we paid his company. But after just reading other reports, I'm worried this is a scam and really cannot afford to lose this money. Obvously if people are desperate enough to try to work to get a loan modification and paying a company for help, it's money that they do NOT have to lose. I will contact a lawyer if he does not refund my money.
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