Business Trends

MFI-Mod Squad Lists the 20 Worst Loan Modification Companies

In Uncategorized on April 1, 2009 at 6:20 pm

MFI-Mod Squad, LLC, a company that investigates loan modification fraud, has issued a list of the twenty loan modification companies about which it has received complaints. The list includes companies that haven’t been approved to charge an upfront fee and claim to offer a money-back guarantee. They have either failed to deliver a loan modification or refused to offer a refund to homeowners.

“Many people have been asking me to post a list of unreliable loan modification companies,” says Steve Dibert, President of MFI-Mod Squad. “I’m happy to do so because it can help homeowners avoid scams.”

The problematic loan modification companies on MFI-Mod Squad’s list include the following:

• Green Credit Solutions

• Peoples First Financial

• United Law Group

• Excel Loss Mitigation

• Nations Choice

• USA Mortgage Aid

• Mortgage Assistance Center

• Bank Modifications, Inc.

• Apply2Save

• AmeRestart aka Equinaire

• Choice Loans Consulting

• Samaritan Financial

• Resolutions Mortgage Group

• Federal Loan Modifications

• Mortgage Mitigation Clearing House

• aka Manhattan Mortgage

• Coastal Pacific

• New Beginnings Loan Modification Services

• North American Relief

• US Justice Foundation

All but Samaritan Financial and Mortgage Mitigation Clearing House are located in California. California-based loan modification companies must be approved by the Department of Real Estate (DRE) to charge upfront fees. You can only be exempt from DRE approval if your company is a law firm

Near the top of MFI-Mod Squad’s list of the worst loan modification companies is Peoples First Financial, which is responsible for Massachusetts resident Jon Angers losing his home.

“He trusted them when they told him not to make his mortgage payment,”

  1. This blog’s great!! Thanks :).

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