Has anyone heard of a company named Bold Funding?

[FloridaRob]

I just dont see how giving a company 10% of your equity and a lot of money down with no guarantees is something to get excited about. I do a lot of appraisals on people that are facing "foreclosure" and those fees are not even remotely close to what BOld Funding is doing.

 

[amortgageman]

So, Tod,

To summarize all of your "successful" negotiations with Bold Funding:

You have a home that is worth $200,000. You owed $181,000. You have $19,000 in equity. Next you go borrow $20,000 from friends and family (which is more than you had in equity???????) to save your home.

Leaves me no option than to think anyone who can believe one success story???? versus one absolute nightmare, and another who was smart enough to walk away.

My opinion is set.

 

[TodWilliams]

No amortgageman, you completely missunderstood.

Bold Funding negotiated with my bank to accept a payoff that was lower than the original amount they wanted with way to many legal fees and other stuff.. They helped me create a lot more equity by negotiating with my bank after my bank wanted to foreclose the house.

I never borrowed $20K from anyone to save my home.

The most recent appraisal states my home is worth $197K and the payoff ended up being $142K.

I'm sorry, but I'd rather give Bold Funding 10% of the appraised amount the house is worth than give my bank all of my equity and have to move or declare bankruptcy.

 

[amortgageman]

. 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. QUOTE]

I am sorry, I must have misread your previous post.

Debt forgiveness from the lender = 1099 C from IRS = taxed as income. Thought I may pass that along to prepare you.

Maybe one out of three turns out to be a success.

 

[TodWilliams]

Status update

I said i would keep everyone updated as to the status of my friend's case... he told me that he recently sent in his deposit for the service... which at 1% of the value of home, is $1653 in his case. They payment has been recieved, and bold funding has then submitted the case into "processing"... thats all i know for know. From my own experience, this was the part that took the longest. Its mostly waiting for an answer while they do the work on their end. I will keep checking in.

 

[maphies]

I am in Ohio, and I used bold funding for myself in the past. They were able to help me with my situation, and we ended up saving our home. I ended up costing us a little more than we expected, but bold funding actually saved us thousands by getting our payoff lowered. I am sure the bold funding program will not work for everyone, as you may have experienced, and your situation must have been much worse than mine, but it is was still worth a shot....what were your other options, you were losing your home anyway, at least they tried to help. Anyway, I was very satisfied with their services...but like I said, it was a lot of money for us at the time. I have a online banking company now, and I would refer any of my clients to them if they were in your situation.

 

[TodWilliams]

my friend was also accepted!

i have great news everybody, my friend was also accepted by the bold funding program. he told me that they called him about two days ago to inform him that an investor had picked up the property and would be investing in it. It seems like it took them a bit longer to get one for him, however, they got him one sothats all that matters. Anyway, im glad that it worked for him too, i would have felt really bad if it didnt since i referred him hahaha. Anyway, it seems like all is good, if anyone has any questions or anything, please email me.

 

[Ciarraine]

There are a ton of banks that do debt-consolidation refi's for people with bad credit, chapter 13s and/or stop foreclosures that don't take that much equity. New Century, Encore Credit, Southstar, First Franklin, Option One, Decision 1...

You're getting hosed.

 

[iarfc]

Alternative to Being Screwed Over

Hello... sorry to hear of everyone's bad experience w/ Bold Funding. I hope everything turns out for the best for everyone.

If anyone still wants help saving their home, email me and I'll be happy to tell you about a company that might be able to give you some other options.

And they won't charge you up-front, steal your money, and screw you over, which seems to be what Bold Funding was in the business of doing, unfortunately...

 

[BillW50]

WARNING!!! I was watching ABC7 news in Chicago and this story was just announced!

http://abclocal.go.com/wls/news/111004_ns_boldfunding.html

Consumer fraud lawsuit filed against Bold Funding "... What the complaint alleges is that no one obtained homes after paying thousands of dollars," said Joseph Hudson, Cook Co. State's Attorney, Consumer Division.

I just thought others would like to know. -- Bill