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Has anyone heard of a company named Bold Funding?



J

jeneencarman

Guest
#2
Be Aware Of Bold Funding!!

State: Ohio
My husband and I have been dealing with Bold Funding for about 6 weeks. We became 2 months late with our mortgage because of illness, no other lender seemed interested and Bold Funding appeared to be a wonderful answer. I had multiple problems with my credit because of a nasty divorce 5 years ago. Remember what they say...if it sounds too good to be true, it is! How they operate is...you need to have equity in your home. I have a home that appraises for $262,000, with a loan balance of $178,000. Plenty of equity to get us turned around! They take 10% of the appraisal price as their fee. They require 1% of the appraisal price to "get started". So we sent a cashier's check for $2600. I was very leary of sending money up front...but they assured us that 98% of their clients find private investors to do the loans...with interest rates between 3-7% because you're using these "wonderful investors' credit". We were told that the only people that ever have difficulties obtaining loans are those individuals who have undisclosed or unknown liens on their property. We knew we didn't have that issue, so we were made to feel comfortable to send in the money. They were to use the $2600 to begin title work, obtain an appraisal, etc. Let me begin by saying that just this week, they "sadly informed us that they could not find any investors for our financing needs". We also found out that they only did a market analysis (no appraisal was ordered), and they never once contacted Countrywide Mortgage for anything. I also want to caution people that their broker had actually encouraged us to allow our house to go into foreclosure by not paying our house payment this month so "they could then contact Countrywide for a short sale price." We currently are scrambling again to get ourselves turned around, but we are nauseated to think that we got conned and are out $2600 that we didn't really have to lose. As stated, they are not listed with the Attorney General's Office or with the Better Business Bureau...but they soon will be. I have an IQ of 166 and I've never in my life felt so stupid. I doubt that there is much that can be done legally (people turning to them do not have the money to obtain legal assistance)...but I am busy searching the internet tonight for forums such as this to make sure other people do not get taken in by this slimey company and the con artists that work there who prey on people who are struggling or who may be desperate for help.
 
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amortgageman

Guest
#3
I am hoping you have already filed a complaint with you attorney general's office.

Do you know if they are licensed to conduct mortgage business in your state?
 
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amortgageman

Guest
#4
One other question....... Why did you not use the $2,600 to bring your mortgage current?
 
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jeneencarman

Guest
#5
amortgageman said:
One other question....... Why did you not use the $2,600 to bring your mortgage current?
Stupidity...wanted to also access some of our equity for consolidation of medical bills, etc. Spending a little up front, $2600 (which isn't such a small amount when you're chasing your tail) would be worthwhile to maybe access $10-15,000 later. Yes, I have contacted the attorney general's office and the BBB, I was told by Bold Funding that they were licensed in Ohio, but I am not so sure now...I'm suspicioning this may be why this was a no go. If anyone knows of additional websites, organizations, etc, that I may put the word out, I'd appreciate it. Any other suggestions on additional governing bodies that I could report to? Thanks so much!
 
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amortgageman

Guest
#6
Bold Funding is at least guilty of this practice. Follow up with Robert Grieser. His staff may be ablr to help you more on this situation.

SUMMARY: This letter is intended to alert mortgage brokers and lenders in Ohio of the position of the Ohio Division of Financial Institutions that it is improper and dishonest conduct, in violation of Ohio R.C. §1322.07(C), to counsel and encourage prospective borrowers to not make payments on their current mortgages or other loan obligations pending the approval of the new loans sought by the borrowers.



Ohio Revised Code § 1322.07(C)

This provision of the Mortgage Broker Act is intended to broadly prevent dishonest conduct that unfairly misleads borrowers or is otherwise improper.



Urging Non-Payment as Dishonest or Improper Conduct

At some point in refinancing a mortgage loan, especially a loan that includes consolidation of other consumer loans, various payoff amounts will have to be established in order to determine the funds due at loan closing. However, it has become clear that some mortgage brokers and lenders are advising borrowers not to pay their current loan obligations, even though final approval of the consumer’s loan application has not yet come through, or the loan closing has been postponed or rescheduled.



When loans do not close in a timely manner or the terms substantively change at the time of the closing, borrowers relying on such non-payment advice or representations are often placed in difficult and distressed financial positions. This is particularly true where the borrowers are in the subprime credit market. Having failed to make timely payments on their current obligations, the borrowers may now face potential foreclosure and damage to their credit ratings. The borrowers in effect are placed under duress to obtain new loans, despite the fact that they may contain higher rates, costs, or less advantageous terms than their current loans. Urging non-payment under these circumstances is thus an improper and dishonest practice, which this office believes is a violation of Ohio R.C. §1322.07



Note: That once a loan has been approved and where circumstances warrant, the mere fact that the broker or lender suggests that the borrower delay a payment, in and if itself, is not viewed by this office to be improper or dishonest provided that: 1) it is made clear the consumer should set aside or otherwise escrow the payment(s) so the money is available in the event the loan does not close as initially planned and 2) the closing date of the new loan does not cause the borrower to incur a late charge.



ACTION: Registrants and licensees must review their procedures to ensure compliance with the current state law prohibiting improper or dishonest conduct in mortgage brokering/lending as it relates to advising consumers to refrain from making timely payments on their current mortgages or other consumer debts and adjust their policies and practices accordingly to conform with this letter.



CONTACT: Robert Grieser (614) 728-8400
 
J

jeneencarman

Guest
#7
Thank you very much for the information....I will follow up with Mr. Grieser. Just as an update, Bold Funding, who by their advertisement and verbal statements have been in business for 12 years, only just registered with the BBB in April 2004. I'm also suspicious of the fact that hard money investors usually won't touch a home that doesn't have at least 35% equity(at least according to another forum website, I've found). Before we even sent money to Bold Funding, we provided Bold Funding the estimated appraisal value of our home and the pay-off balance of our home which left us with only having 30% equity. Had the company been honest and practiced with integrity, I feel they would have stated all of this on our initial contact. They, however, did not...

It's been a costly lesson. We have a family member to assist us out of our nightmare, and I'm sure we'll be fine, with a goal to improve our credit. Thanks for the great help and priceless information.... JC ;)
 

HomeGuru

Senior Member
#8
jeneencarman said:
Thank you very much for the information....I will follow up with Mr. Grieser. Just as an update, Bold Funding, who by their advertisement and verbal statements have been in business for 12 years, only just registered with the BBB in April 2004. I'm also suspicious of the fact that hard money investors usually won't touch a home that doesn't have at least 35% equity(at least according to another forum website, I've found). Before we even sent money to Bold Funding, we provided Bold Funding the estimated appraisal value of our home and the pay-off balance of our home which left us with only having 30% equity. Had the company been honest and practiced with integrity, I feel they would have stated all of this on our initial contact. They, however, did not...

It's been a costly lesson. We have a family member to assist us out of our nightmare, and I'm sure we'll be fine, with a goal to improve our credit. Thanks for the great help and priceless information.... JC ;)
**A: remember that registration/membership with the BBB does not mean anything.
 

Doc203

Junior Member
#9
jeneencarman, I am VERY sorry to hear about your situation. I ended up not sending them money for those very reasons. Only listed with the BBB a couple of mo's, although they claimed to be in business for 12 years or something, and they could not give me any guarantees. Also there was NO information (like this thread) online that could help me decide one way or another.

The biggest reason that I did not use them is because they could not give me even 1 reference. Their reasoning was that their clients are embarrased about the situation that they were in and they didn't want their names etc revealed. I thought about that for a while and I thought why not? If they were out of that situation because of bold funding you would think that they would be happy to talk to others in the same situation if the outcome was satisfactory. I know I would be more than happy to help anyone that is going thru a horrible thing such as foreclosure.

Anyway, I called her back and asked her if they could give me ANY references... such as a bank they use, or investors, or banks that had clients that they had helped. They didn't call me back so I called back 2 more times and the final answer was that her manager said that they just could not give any refernces, period. That told me a lot right there.

Again, I feel for you because I know what its like to be in your shoes. I decided to keep my money and pay up the mortgage. If you still need another soloution PM me and I will send ya the number to a Legitimate refinancing company that may be able to get it done. Our home only has about 20% equity and we were real close to getting it done, 10% probably would have done it.
 
T

TodWilliams

Guest
#10
I have had a wonderful experience with bold funding!

A couple months ago, I was in a very bad situation. I had been late on my monthly house payments for 4 months, and struggling to pay my bills. Needless to say, my credit wasn't in the best shape, so my options to prevent my home from going into foreclosure were very limited. Then I heard an ad on the radio in Michigan for Bold Funding. I called them, and spoke to a client representative who explained the entire process to me. I was unsure about sending in the money for the application fee, which is 1% of the house value. My home was valued at about $200000, so i was looking at a $2000 application fee, and thir total fee for saving my home was $20000 (10% of the appraised value). even if i wanted to, i didnt have the money to send in. However, my family was very supportive and i managed to get the money together from various family members. Now, i was a total nervous wreck from borrowing money and taking a gamble on this company. However... it totally paid off about a month later!!!!!! They found and investor in my area who was interested in refinancing my home, and at a rate lower than i was already paying!!!!! I couldnt be happier... i didnt lose my home, i didnt lose my equity, and it was all done without regard to my credit. I actually pay less a month now than i originally did. Bold Funding is a wonderful company, and i would highly recommend them to anyone. :)
 
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TodWilliams

Guest
#12
yes, its equity that would have been lost

sure it's my equity... but since i was going to lose the home, i would have lost all of the equity in it. This way, I got to keep my home, and almost all of the equity that i had in it. 10% did sound like a large number to me, considering the value of the home, but it was waaaaaaaaaaaaaaaay better than losing the whole thing, along with the equity.
 
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amortgageman

Guest
#13
Tod,

You say that you have had success with them.

Please do tell, because to me it looks like a scam, but just maybe, you had enough equity to pull this off.

Please do tell, 1) How much equity did you have in your home, 2) Your home's value, and 3) What interest rate are you now paying on your mortgage note.

The way I look at it, is if there is not enough equity in the home and no private investor wants to take the note, then the consumer is out of luck. And the only way a consumer is to find out, is to send them 10% of the mortgage amount with no guarantees of obtaining a loan.
 
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TodWilliams

Guest
#14
my info

here is some of the info you requested amortgageman:
home value: $200,000 After appraisal : $197000
pay off: $181,322. After negotiation :$142,316
% equity: 9.3% After negotiation: 27%
monthly payment: $1034.67 ... hope this helps!
 
T

TodWilliams

Guest
#15
Another update:

I just wanted to let everyone know that one of my friends from work recently fell under the same bad situation that we all faced, foreclosure... and I refered him to bold funding. He recently sent in the deposit, and I will gladly keep everyone posted as to the status of his business with them. i dont normally refer business unless im absolutely sure, but i was so happy i couldnt resist. I will keep everyone updated ;)