Thursday, October 15, 2009
Update On Lend America Scam.
I have learned from an unnamed source that Lend America is about to enter the wholesale loan business. The goal is to dump a lot of bad loans on the market and declare bankruptcy. They can then buy back this bad debt at a fraction of the cost, foreclose on these homes and make a huge profit off the sale of these properties. I guess they where not making enough padding the closing costs they have sunk to a new low and found another way to rip our government and the people off. I truly feel sorry for Michael Primeu who is the Company head on paper and who will most likely take the fall for Micheal Ashley's scams. You can always ask Michael's father about that. I wonder if this will be another power play between Primeu and the government with Ashley caught in the middle. If you believe that have I got the mortgage for you.
Saturday, October 10, 2009
Update On My Complaint with The State of Iowa
Update on my complaint. Mr. Wilkerson called my fraud investigetor early last week to tell her that they had not done this. My investigator said that was fine but, the State of Iowa required that in writing! It has been 12 days and we still don't have this in writing! I was also told two months ago that Cris Ryan had been fired but I found out today that up until last week he was still working for them and only left because he got a better job. How can you trust someone who lies more than they tell the truth!
Saturday, September 26, 2009
Loan Modification
What ever you do, do not fall for the scam of the Modification Attorney. Never take advise that tells you NOT to pay your mortgage and never pay for this service! Fist, talk to your lender. If they are unable or unwilling to help, then talk to your state! If you pull up the website for the Attorney General for your State, there will be a link for those in need of modification assistance. This is a free service! Here is a n example taken from the Iowa State home page:
Who We Are Attorney General
Tom Miller
Office Directory What We Do Protecting Consumers Fighting Crime
Helping Victims of Crime
Working for Farmers
Protecting the Environment
Protecting Charitable Giving
Raising Child Support Awareness
Representing State Government
Issuing Attorney General Opinions
Enforcing Tobacco Laws
Protecting Utility Customers Resources File a Consumer Complaint Other Helpful Resources News Releases & Publications
Legal Resources
Jobs & Internships
Contact Us Consumer
Private Right of Action: What consumers need to know
IOWA MORTGAGE HELP.COM 877.622.4866
Attorneys: request Mediation Notice form here
Information You Can Use
Eldora / Hardin County hail and windstorms: information for storm victims.
Consumer "Private Right of Action" --
What Consumers Need to Know.
Consumer Advisory Bulletins -- Tips for Consumers on Scores of Topics
Most Recent:
How to Deal With Credit Card Offers
Cash for Clunkers TIPS
Consumer “Private Right of Action” -- What Consumers Need to Know
Call the Iowa Mortgage Help Hotline
How to Avoid Becoming a Victim of Identity Theft and What to Do if You Think You May be a Victim
Remember, if it sounds to good to be true, it is. These schemers will tell you they can cut your interest in half and all for a few thousand dollar...they will say just send us your money and don't pay your mortgage, you have to be behind to qualify. WRONG! Call your state or your lender and if all else fails, call your Representative or Congressman!
You have to stand up for yourself and demand your rights because no one will do it for you!
Who We Are Attorney General
Tom Miller
Office Directory What We Do Protecting Consumers Fighting Crime
Helping Victims of Crime
Working for Farmers
Protecting the Environment
Protecting Charitable Giving
Raising Child Support Awareness
Representing State Government
Issuing Attorney General Opinions
Enforcing Tobacco Laws
Protecting Utility Customers Resources File a Consumer Complaint Other Helpful Resources News Releases & Publications
Legal Resources
Jobs & Internships
Contact Us Consumer
Private Right of Action: What consumers need to know
IOWA MORTGAGE HELP.COM 877.622.4866
Attorneys: request Mediation Notice form here
Information You Can Use
Eldora / Hardin County hail and windstorms: information for storm victims.
Consumer "Private Right of Action" --
What Consumers Need to Know.
Consumer Advisory Bulletins -- Tips for Consumers on Scores of Topics
Most Recent:
How to Deal With Credit Card Offers
Cash for Clunkers TIPS
Consumer “Private Right of Action” -- What Consumers Need to Know
Call the Iowa Mortgage Help Hotline
How to Avoid Becoming a Victim of Identity Theft and What to Do if You Think You May be a Victim
Remember, if it sounds to good to be true, it is. These schemers will tell you they can cut your interest in half and all for a few thousand dollar...they will say just send us your money and don't pay your mortgage, you have to be behind to qualify. WRONG! Call your state or your lender and if all else fails, call your Representative or Congressman!
You have to stand up for yourself and demand your rights because no one will do it for you!
Wednesday, September 23, 2009
Why isn't There More Bad Press?
This is also from Complaints Board
Taken from Business week article (link is below quoted article)..Lend America in Melville, N.Y., uses cable television infomercials and a toll-free number (1-800-FHA-FIXED) to encourage borrowers in trouble with adjustable-rate mortgages to refinance with fixed-rate loans guaranteed by the FHA. Anticipating the real estate crash, the Long Island firm switched its strategy in 2005 from subprime to FHA-backed mortgages, says Michael Ashley, Lend America's chief business strategist. This year, the company will make 7, 500 FHA loans, worth $1.5 billion, he says. "FHA is a big part of the future, " Ashley adds. "It's the major vehicle for the government to bail out the housing industry."
But why the federal government would want to do business with Lend America is perplexing. Ashley has a long history of legal scrapes. One of them led to his pleading guilty in 1996 in federal court in Uniondale, N.Y., to two counts of wire fraud related to a mortgage scam at another company his family ran called Liberty Mortgage. He was sentenced to five years' probation and ordered to pay a $30, 000 fine. His father, Kenneth Ashley, was sentenced to nearly four years in prison. "I was just a pawn in a chess game between my father and the government, " says the younger Ashley, who is 43. "It doesn't affect my ability to do lending." The default rate on Lend America's current FHA loans is 5.7%, or 53% above the national average, according to government records.
Asked about FHA oversight of former subprime firms, agency spokesman Lemar Wooley says: "FHA has taken appropriate actions, where necessary, with these lenders with respect to their participation in FHA programs." First Magnus, Nationstar, and Lend America met all applicable federal rules, Wooley says. But on two occasions since 2000 one office of Lend America in New York temporarily lost its authority to originate FHA-backed loans because of an excessive default rate, he says. Wooley says the FHA wasn't aware that Lend America's Ashley had been convicted. The firm didn't list Ashley as a principal, Wooley says. FHA lenders are required to disclose past regulatory sanctions and are forbidden to employ people with criminal records.
wonder why lend america has over 700 employees--not including mike ashley...why not ask all the “new” employees who had to close their doors due to fraudulent activity and predatory lending??? i guess business week is also wrong????
Taken from Business week article (link is below quoted article)..Lend America in Melville, N.Y., uses cable television infomercials and a toll-free number (1-800-FHA-FIXED) to encourage borrowers in trouble with adjustable-rate mortgages to refinance with fixed-rate loans guaranteed by the FHA. Anticipating the real estate crash, the Long Island firm switched its strategy in 2005 from subprime to FHA-backed mortgages, says Michael Ashley, Lend America's chief business strategist. This year, the company will make 7, 500 FHA loans, worth $1.5 billion, he says. "FHA is a big part of the future, " Ashley adds. "It's the major vehicle for the government to bail out the housing industry."
But why the federal government would want to do business with Lend America is perplexing. Ashley has a long history of legal scrapes. One of them led to his pleading guilty in 1996 in federal court in Uniondale, N.Y., to two counts of wire fraud related to a mortgage scam at another company his family ran called Liberty Mortgage. He was sentenced to five years' probation and ordered to pay a $30, 000 fine. His father, Kenneth Ashley, was sentenced to nearly four years in prison. "I was just a pawn in a chess game between my father and the government, " says the younger Ashley, who is 43. "It doesn't affect my ability to do lending." The default rate on Lend America's current FHA loans is 5.7%, or 53% above the national average, according to government records.
Asked about FHA oversight of former subprime firms, agency spokesman Lemar Wooley says: "FHA has taken appropriate actions, where necessary, with these lenders with respect to their participation in FHA programs." First Magnus, Nationstar, and Lend America met all applicable federal rules, Wooley says. But on two occasions since 2000 one office of Lend America in New York temporarily lost its authority to originate FHA-backed loans because of an excessive default rate, he says. Wooley says the FHA wasn't aware that Lend America's Ashley had been convicted. The firm didn't list Ashley as a principal, Wooley says. FHA lenders are required to disclose past regulatory sanctions and are forbidden to employ people with criminal records.
wonder why lend america has over 700 employees--not including mike ashley...why not ask all the “new” employees who had to close their doors due to fraudulent activity and predatory lending??? i guess business week is also wrong????
Here's Another Gem From Complaints Board!
Here's the link as well
http://www.complaintsboard.com/complaints/lend-america-c258212.html#comments
Lend America
Posted: 2009-09-23 by Kare13
Unreputable
Complaint Rating:
Company information:
Lend America
Melville, New York
United States
LendAmerica.com
DO NOT USE LEND AMERICA!
I refinanced with Lend America and it was the biggest mistake one could make. I was contacted by loan representative named Arsen who assured me that this was the best way to go. It started with my having to close the loan not once but twice. The first time there were numerous mistakes in closing documents the closer found and had to spend time on the phone getting corrected. I thought all was well and the loan would fund. I was contacted my Arsen again and was told some bullshit excuse that I had to close a second time. Again the closer had to make corrections and I had to print my own closing documents. After the loan funded, I was contacted by my prior lenders that the payoff was not correct and I had to come up with money to pay the difference. This created a hardship for me to say the least. A couple of weeks after the closing I was contacted again by Arsen saying they needed my financials again. I asked to speak to someone else who could better explain as to why they would need information that was given a month before. Since no one called me back I didn’t send the same information they already received during the processing of my loan. Several months later, I had financial hardship and requested a modification and this is when the real nightmare begins for me. The Loss Mitigation Department is over loaded with people like me. When I finally was able to speak to someone I was told to contact HUD. I contacted HUD and explained what I was up against and HUD reviewed my financials they said I never qualified for the FHA Loan that I got through Lend America to begin with and felt the loan was fraudulent and they did not follow FHA’s guidelines. The HUD representative that I was assigned felt I qualified for FHA’s new HAMP Program and he would speak to Geri from Loss Mitigation. I finally was able to get her on the phone and she stated that that program was a last resort for me. I reminded her that she told me I did not qualify for Lend Americas’ modification programs so this was in fact a LAST RESORT for me in terms of modifications. I was given two month forbearance and was told I am on her list! I have consulted with a couple of attorneys and was informed Lend America has a bad reputation and is disorganized to say the least. I was also told that if I got a modification through them it would be a miracle and that I would end up in court for a foreclosure hearing in which he would represent me free of charge. Having said all this, I am a single parent who works hard and is not willing to lose everything I worked for. My only hope is to get them to modify my loan since my house is now worth less then the mortgage. SO I REPEAT DO NOT USE LEND AMERICA THERE ARE OTHER REPUTABLE LENDERS OUT THERE AS YOU CAN SEE FROM THE COMPLAINT BOARDS
http://www.complaintsboard.com/complaints/lend-america-c258212.html#comments
Lend America
Posted: 2009-09-23 by Kare13
Unreputable
Complaint Rating:
Company information:
Lend America
Melville, New York
United States
LendAmerica.com
DO NOT USE LEND AMERICA!
I refinanced with Lend America and it was the biggest mistake one could make. I was contacted by loan representative named Arsen who assured me that this was the best way to go. It started with my having to close the loan not once but twice. The first time there were numerous mistakes in closing documents the closer found and had to spend time on the phone getting corrected. I thought all was well and the loan would fund. I was contacted my Arsen again and was told some bullshit excuse that I had to close a second time. Again the closer had to make corrections and I had to print my own closing documents. After the loan funded, I was contacted by my prior lenders that the payoff was not correct and I had to come up with money to pay the difference. This created a hardship for me to say the least. A couple of weeks after the closing I was contacted again by Arsen saying they needed my financials again. I asked to speak to someone else who could better explain as to why they would need information that was given a month before. Since no one called me back I didn’t send the same information they already received during the processing of my loan. Several months later, I had financial hardship and requested a modification and this is when the real nightmare begins for me. The Loss Mitigation Department is over loaded with people like me. When I finally was able to speak to someone I was told to contact HUD. I contacted HUD and explained what I was up against and HUD reviewed my financials they said I never qualified for the FHA Loan that I got through Lend America to begin with and felt the loan was fraudulent and they did not follow FHA’s guidelines. The HUD representative that I was assigned felt I qualified for FHA’s new HAMP Program and he would speak to Geri from Loss Mitigation. I finally was able to get her on the phone and she stated that that program was a last resort for me. I reminded her that she told me I did not qualify for Lend Americas’ modification programs so this was in fact a LAST RESORT for me in terms of modifications. I was given two month forbearance and was told I am on her list! I have consulted with a couple of attorneys and was informed Lend America has a bad reputation and is disorganized to say the least. I was also told that if I got a modification through them it would be a miracle and that I would end up in court for a foreclosure hearing in which he would represent me free of charge. Having said all this, I am a single parent who works hard and is not willing to lose everything I worked for. My only hope is to get them to modify my loan since my house is now worth less then the mortgage. SO I REPEAT DO NOT USE LEND AMERICA THERE ARE OTHER REPUTABLE LENDERS OUT THERE AS YOU CAN SEE FROM THE COMPLAINT BOARDS
Tuesday, September 22, 2009
Update For Donna Healy's Complaint
Donna has heard back from the State of Indiana and they are now opening and investigation into preditory lending in regards to Lend America. She is still waiting for a responce from the NEw York Banking Commision about her complaint and so am I as a matter of fact. Either they are so busy they are running behind or... well I will leave that up to your imagination
Answers? I Think Not!
After many days, (this complaint was forwarded on the 25 of August!) Lend America has finally responded to my complaint. Remember I had five simple questions I wanted answered and to refresh your memory here they are:
1. How did this happen?
2. Who was involved?
3. Why did this happen?
4. Who let it happen?
5. What are they going to do to insure this doesn't happen again?
Now here is their answer:
Date Septemebr 20, 2009
Dear Marti Robovsky,
We have recieved and reviewed the complaint forwarded on behalf of Deborah L Dean. A review of the loan evidences that Lend America reviewed all pertinent information but was unable to render an approval. During the course of processing a loan, we exaimine other programs that the applicant may be eligible for. Lend America will not share confidential informantion with non-affliated third parties without expressed premission from the applicant. We understand the concerns regarding this loan. As such, we have taken a proactive approach to ensure the privacy and integrity of each borrower is maintained and safeguarded.
Yours truly
Cherud Wilkerson
Chief Compliance Officer
(631)944-6800 ext 2228
Now excuse me but what is this drival? It's not even well written! Did I recieve any answeres? The State of Iowa is going back in for round two and I will keep you posted!
1. How did this happen?
2. Who was involved?
3. Why did this happen?
4. Who let it happen?
5. What are they going to do to insure this doesn't happen again?
Now here is their answer:
Date Septemebr 20, 2009
Dear Marti Robovsky,
We have recieved and reviewed the complaint forwarded on behalf of Deborah L Dean. A review of the loan evidences that Lend America reviewed all pertinent information but was unable to render an approval. During the course of processing a loan, we exaimine other programs that the applicant may be eligible for. Lend America will not share confidential informantion with non-affliated third parties without expressed premission from the applicant. We understand the concerns regarding this loan. As such, we have taken a proactive approach to ensure the privacy and integrity of each borrower is maintained and safeguarded.
Yours truly
Cherud Wilkerson
Chief Compliance Officer
(631)944-6800 ext 2228
Now excuse me but what is this drival? It's not even well written! Did I recieve any answeres? The State of Iowa is going back in for round two and I will keep you posted!
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