We are not in the habit of taking down blog entries or comments and do not want to begin that habit with our new blog, but we feel an exception had to be made in this case, as these posts contained negative comments about the blog and made some inaccurate assumptions regarding the services provided by ForeclosureFish. We will not attempt to censor their posts or remove them completely, but will respond to them as professionally as we are able.
We also wish to state that we do not believe that every loss mitigation company is in the business of stealing money from their clients. There are always good companies and bad companies, as well as good people and bad people. This applies to all industries and should be self-evident. However, in our experience in dealing with homeowner complaints about a large number of loss mitigation companies, as well as the various foreclosure news stories that appear on a daily basis about foreclosure scams offering pointless mitigation services, we feel it necessary to inform homeowners of the proportionately high chance that they may be taken advantage of by these companies.
We will quote the comments from these posters and then respond to them below.
“You are writing about services you do not have full knowledge of.” [Donna Atwater]
-Of course, we are always adding more to our knowledge of foreclosure situations and how best to assist homeowners stop foreclosure. Anyone who claims to have “full knowledge” of the foreclosure industry is simply lying, and we make no claim to know everything about foreclosure. However, we believe our mission and track record speak for themselves and we are licensed real estate brokers and bank managers, and have industry experience in the areas of financial planning, accounting, investing, and loss mitigation (which we offer as a free service and teach homeowners to do themselves).
“I am a loss mitigation consultant and have helped many homeowners get payment plans, loan modifications, hardships, etc… when they were previously unsuccessful with their lender.” [Donna Atwater]
-That is fine to hear that you have chosen to assist homeowners, and every new person who legitimately helps homeowners stop foreclosure is a welcome addition to the industry. Hopefully, you do not take up front fees from clients and then provide them with information they already know or recommend bankruptcy as an option (two common complaints about loss mitigation companies). Also, you do not state what you offer when homeowners are unable to qualify for the one specific service you offer. Bankruptcy? Nothing? It would be unfortunate if a homeowner did not save their home through loss mitigation and then found out they did not have enough time to pursue another option.
-You help homeowners get these plans, but are any of them beneficial to the homeowner? How many end up with hardship program payments more than their current payment? How many end up failing the repayment plan in their first few months of initiating it?
-If we are offering our qualifications to help homeowners in foreclosure, then it should be known that the professionals at ForeclosureFish have extensive experience in the foreclosure industry, real estate and mortgage markets, and the financial industry as a whole. We have experience in personal financial planning, loss mitigation (which we offer for free), accounting, investment planning, managing branches of nationwide banks, and real estate brokerage. We use all of this experience to help homeowners stop foreclosure by whatever means are most conducive to the specific situation. Unlike most loss mitigation companies, we do not focus on only one area of foreclosure solutions.
“Most of the homeowners that come to me have already exhausted all their options, including trying to refinance. When a homeowner is behind on their current mortgage most lenders, with decent terms, won’t touch them.” [Donna Atwater]
-What happens to the other homeowners that come to you who have not exhausted all other options? In our experience with loss mitigation companies, the company will charge the homeowner for mitigation services, whether they qualify for it or not and regardless of whether they qualify for any other option. The loss mitigation company is selling a product, not helping homeowners save their homes from foreclosure. Most of them are comparable to car salesmen who try to fix consumers’ transportation needs by selling them a car, rather than helping the client examine other options like walking or mass transit, and leaving the final decision up to the purchaser.
-We are aware that the vast majority of lenders will not touch a borrower who has sub-500 credit scores and is actively in foreclosure. That is why we work with the handful of lenders who will consider doing these loans and take a look at the client’s whole financial picture. That is also why we consider refinancing only one option to examine, along with free mitigation services, selling the property, and locating private sources of funding.
“8% is hardly a deal in itself.” [Donna Atwater]
-An 8% mortgage to refinance a home out of foreclosure is a pretty good deal and is comparable to what the borrower could obtain with fair credit and no missed mortgage payments. It is unfortunate, but true, that a 1.25% interest rate is unlikely for a borrower who has not paid their mortgage for months. However, it should be stated again that refinancing is only one of several options that we examine to stop foreclosure.
“ARM loans and these crazy no doc loans is what started the foreclosure epidemic to begin with.” [Donna Atwater]
-This is misleading and negligent, as vast numbers of borrowers have obtained ARM and no-doc loans and have never missed a mortgage payment. As we have stated over and over again, the homeowner needs to begin taking responsibility for their home and their mortgage. While foreclosure is unfortunate and horrible, it is up to the foreclosure victim to research the options to stop foreclosure and then decide on a plan of action. Blaming foreclosure on market conditions or mortgage brokers may be fun and easy, but it will not help solve the immediate problem of helping a homeowner stop foreclosure right now.
“I would just like to say that I think you do an excellent job at fooling the public by using the most commonly used terms in the business such as ‘mitigation specialist’ and tell everyone that those type of people are con artists, while at the same time you change what you call yourself and then peddle the exact same service to the clients you just conned.” [Jennifer Lauria]
-Unfortunately, this is where the negative comments become more personal and entirely unsubstantiated.
-In fact, we provide mitigation services at no charge to any of our clients, so peddling is not an applicable term. Nor is it reasonable to assume that ForeclosureFish cons any client in regards to mitigation services, as we provide them for free. However, we recommend homeowners negotiate with their lenders themselves as an option to stop foreclosure. We don’t think that fooling people into helping themselves could ever be considered fooling them, but rather, fooling them into believing they can qualify for a magical repayment plan that lowers their payments and eliminates their arrears, as many loss mitigation companies do, is fooling the homeowners into believing in an option that is quite foolish for anyone to believe.
“I would like to add that the average person should not be fooled by the play on words that you use to hoodwink unsuspecting homeowners, and that your illeducation in this business is axiomatic.” [Jennifer Lauria]
-If giving away free information and providing mitigation services at no charge is considered “hoodwinking,” then it is inconceivable what term should be used for people who charge homeowners in hardship situations for negotiating with their bank. Perhaps the word terrorism fits individuals who practice these acts.
“How does it feel to have spent all that money on a higher education just to turn around and use it like a common crook?” [Jennifer Lauria]
-We are unsure if you are considering us as highly educated professionals with a “higher education” or if you think of us as uneducated crooks with an “illeducation in this business.” It seems your comments are meant to serve your ulterior motive of disparaging the company by simultaneously calling us highly educated criminals and common uneducated criminals. Maintaining a consistent position would only be expected of a person who believes in their position, instead of just applying clichéd labels to a company. In fact, it is impossible to argue with your inconsistent statements, as we are unsure what charge we are responding to.
-However, it feels great to have learned about the foreclosure industry and then to share with homeowners free information and perform free services for them to save their homes. It is more likely that common crooks would use their knowledge to charge for the performance of services that, if a homeowner was aware of them, could be done without the mediation of a third party.
“The question is, if you are truly looking out for the homeowner, will you allow this truth to show on your site so they can get REAL help?” [Donna Atwater]
-We hope that anyone in foreclosure who reads our website does enough research on their own to determine what the truth is about their situation and how best they can stop foreclosure, whether through paying for loss mitigation, receiving it for free, or evaluating other options, as well. Again, not every loss mitigation company is bad or good. In fact, even employees in the same company may be considered better or worse than other employees. It is ultimately up to the consumer to decide which company and individual to trust.
We are unsure why these two posters, Jennifer and Donna (who registered for accounts within 1 minute of each other, coincidentally), resorted to unsubstantiated claims and negative comments, instead of offering a valid point of view on their opinion of loss mitigation. Instead of stating their differing positions on the subject and opening a dialogue, they decided to make false statements, and lead homeowners into believing that ForeclosureFish performs the same services as their company. However, if you would like to view their site, after knowing the type of foreclosure help individuals they are, please see here. If you would like to examine their loss mitigation services, please feel free. If you would like to use free loss mitigation services, or do it on your own, please contact us.
If it was not clear from anywhere on the website, or in this post or other blog posts, we would like to state all of the following again:
-ForeclosureFish does not charge for loss mitigation services-
-ForeclosureFish believes that homeowners are nearly always better off doing loss mitigation themselves and paying their mortgage company with the money they would have paid to the loss mitigation company-
-ForeclosureFish helps homeowners stop foreclosure by examining all of the options, instead of selling one particular option-
-ForeclosureFish does not believe that all loss mitigation companies are criminal; however, the past experiences of our clients and recent foreclosure news stories lead us to believe that homeowners need a firm warning against those loss mitigation companies that are unscrupulous-
It is unfortunate that foreclosure season in the US housing market has reduced some people to baseless attacks on other companies that attempt to help homeowners stop foreclosure.
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