Protect yourself against fraudulent loan modification companies like Citadel International, Inc.
I paid them $2,500.00 dollars over 1 YEAR ago to perform a loan modification. Ii was a SCAM!
You don't have to pay for this service.in California it is illegal for anyone except attorneys to take a fee before they provide the assistance. Under California's Mortgage Foreclosure Act as codified in Sections 2945 et seq. Of the Civil Code, all so called foreclosure specialist or consultants are prohibited from collecting an upfront fee from a consumer, even if they work with attorneys or have attorneys inside their shop. Hence, they must perform services before collecting a fee absent being a law firm where an ordinary attorney/client relationship has occurred under a normal retainer agreement. Recently a mortgage modification shop was shut down by the California Attorney General's office and the attorney who worked with them was brought into the unlawful liability since he never undertook any of the consumers as clients under an attorney/client relationship. Therefore, they were prohibited from taking an upfront fee and should have performed the services first and then tried to collect which typically is hard to do so that is the reason many are trying to work with' attorneys but both are misinformed on the law and this is probably the first of many more cases to come because it generates revenue for the statemillions in fines for getting this WRONG. This is all laid out in California Civil Code section 2945.1
I was told the process takes 60 to 90 days and that citadel had a 90% success rate in negotiating with the lenders to achieve a loan modification with interest rates as low as 3%. After I paid them the $2,500 I began to discover how this company really operates. They took my money and ran! Every call I made to them was made of excuses, but fI ound out later that they never even contacted my lender!!
0 comments