This has been sent to the Attorney General's Office. They have forwarded it on to their Mortgage Fraud task force.
Back in May, my husband and I consulted with US Mortgage in regards to a loan modification. At the time, we had an ARM and were looking to get into a fixed rate. We are small business owners in the Service Industry who have lost a considerable amount of monthly income due to the economy, and although we were current on our mortgage payments, we were fearful of eventually losing our home to rising interest rates. On the suggestion of a friend, we spoke with Patrick Brown, the Operations Director of US Mortgage Funding, as well as another gentleman, Dave who was introduced to us as one of the owners of the company. We explained our situation, and how money had gotten tight over the past 12 or so months. They told us they could help by working with our lender to have our loan modified to a fixed rate. They told us some people try to work directly with their lenders to do modifications, but the process is very difficult and they have to sign a contract with the lender stating if any of their income documents are incorrect, even unknowingly, that they would be under penalty of purgery. They also told us that if at any time we decided we were not happy with their services, or simply wanted to cancel, even up to the day of the signing of the new modification, we were entitled to a 100% money back guarantee. My husband and I went home and discussed the opportunity. Although their fee, $1800.00 was more than we could afford, we didn't want to make any mistakes working with our lender directly, since we were told it was such a difficult and dangerous process. We paid the fee by credit card and signed the contract in late June.
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