My wife and I found out about TVC Financial on a referral of a friend of mine. We were told that this company does loan mods and had a 98% closing rate.
We weren't late on the mortgage but because of myself loosing hours at work, we fealt that we were going to have a hard time making the next mortgage payment. Through the advice of a friend, we went to see a friend of a friend to discuss our situation. The friend recommended a Loan Mod. I told the agent that we heard about those being a scam to get money. The agent assured us that it wasn't a scam and directed us to a company that was very good at doing loan mods, had a closing rate of 98%, and offered a 100% money back guarantee. This company was TVC Financial.
The agent also told us that TVC was registered with the Department of Real Estate so they were allowed to accept money up front and those companies that weren't registered were not. So we thougt, hey why not! We paid they high costly fee instead of our mortgage payment. Boi, was that a misstake. We started this case back in November 08'. It's March 09' and the best they can do for us was a special forbearance. Why would we need that? We, from November of 08 until February of 09', supposedly received an NOD, foreclosure proceedings, and breach of contracts. What? How? Didn't my lender know that TVC was working on our behalf? Why would our lender give us anything like that if they knew we were trying to work out a resolution? We didn't understand. Were was the resolution? What's worse is TVC denied our refund because they told us that they produced a resolution to stop the forclosure proceedings. It should have never came to that. Now my wife and I are out of our money and because we were confused and didn't take the offer, are now loosing our house.
With our second, all they could do for us is lower our payment by $287 and lowered the interest by 3 %. Its funny cause our lender offered to lower it by $250 and it would have cost us $250, but we paid TVC $900.
What ever you do, do not use TVC Financial to represent you. They are new at this process but claimed they have been doing loan mods before anyone else new what they were. Their staff are inexperience in communicating or negotiating with the lenders. "Guidelines Change Everyday" is their famous cop out line. They claimed from the very beginning that they have great relationships with thousands of lenders, but got the same "resolution" as what they call it, as you and I could have gotten. When you hear name TVC Financial, RUN FOR THE HILLS!!!
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