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#1
06-22-2008, 07:33 PM
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 Home Retention ProgramWhat is the name of your state? TN I am writing to see if anyone can advise as to whether or not this is a scam or a legitimate option to saving my home... I have been contacted by a company that claims they can work with my mortgage lender to renegotiate my current loan to lower my monthly minimum payments. For a fee, of course, paid up front. Two years ago, we were facing the possibility of not having the funds to provide presents at Christmas for my children when we decided to refinance our mortgage. We were able to consolidate bills, get cash at closing, and have three months of deferred mortgage payments... all for a hefty price, of course. Our interest rate would increase from 6.25% to 10.54%, but we were assured that we could refinance again in one year and get it lowered. So we accepted. One year later, and they wouldn't refinance us. It's now been two years, and we simply cannot keep up with our mortgage payments. My wife went on maternity leave for a few months after the birth of our son, and ever since then we've been behind. We are now going on month TWO of not paying our mortgage. We are simply broke (other financial reasons/hardships are to blame as well). This company claims that for a fee of 2250, their attorneys will renegotiate our current interest rate of 10.54% down to fair market value, which is between 6% and 7%. They claim they will be able to get the payments we are behind rolled into the life of the loan, and start us with a clean slate: A lower fixed interest rate and a lower monthly payment. It almost sounds too good to be true, but I can't seem to find anything about this program online. They call it a "home retention program". I called my mortgage lender (Ocwen) about it, and the representative I spoke to became very agitated when I told him I was looking into this program. Is this something that could be legitimate? I have a hard time sending in a Money Order for 1250 to start the process (the balance billed in installments later) but the person I've been speaking with is very reassuring and convincing. I actually trust her... or WANT to trust her. Has anyone had success with this process before? |
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#2
06-22-2008, 07:44 PM
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| Screams "Scam"
__________________ * * The information I gave is based on my 7 seconds of research on Google. Review the information yourself to make an informed decision. Communication is KEY - 10 mins of talking now can save you months of headaches later! Masterfully stating the obvious to the oblivious! (Thanks SP!) Tell it like it is! When all else fails, make up a statistic!  Gender references shall apply equally to the other gender. I will not correct gender mistakes (unless I want to) |
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#3
06-22-2008, 09:39 PM
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| Sigh... really? I was afraid someone would say that. I am desperate to save my home- I have five children. I have googled the program every way I know how and have yet to really find anything negative on it. The company is Telecore Direct out of Aliso Viejo, CA. |
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#4
06-22-2008, 09:42 PM
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| If it sounds too good to be true, it usually is. |
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#5
06-22-2008, 09:43 PM
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| If you are in such dire straits, why don't you contact a bankruptcy attorney..They can help you keep your home. |
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#6
06-22-2008, 09:49 PM
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| I filed bankruptcy several years ago after my hellish divorce... I was strapped with ALL the marital debt, and couldn't keep it... bankruptcy not an option for me. So I guess if no one has even heard of this program, it must be a scam. |
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