Several weeks ago, I received an email from Jon Angers, a homeowner in Holyoke, Massachusetts telling me about how he got ripped off by a shady mod company out of California. I told him there is nothing unusual about that because California seems to be a haven for illegally run loan mod companies but what he told me next made me angrier than Bill O’Reilly after a debate with Al Franken.
Jon told me he was being forced to move because he lost his house to foreclosure because Peoples First Financial didn’t negotiate a mod they promised him in writing they would do and now they keep jerking him around about giving him his $1295.00 upfront fee back.
Jon signed with Peoples First Financial in August of 2008 after their associate Kevin Wilcox claimed he could get him a 5% on a new modified loan and close it in 60 days. Kevin Wilcox also told Jon to forward any calls from Citimortgage directly to Peoples First Financial. After reviewing these emails, leaving countless messages and emails Anir Sani, I began to research Peoples First Financial.
I began my investigation and discovered some rather disturbing things:
- Peoples First Financial is in direct violation of California Department of Real Estate guidelines, which require all modification companies that charge an advance fee to be approved and have their fee agreements approved. Peoples First Financial hasn’t been approved.
http://www.dre.ca.gov/mlb_adv_fees.html
- Peoples First Financial is currently under a Desist and Refrain order by DRE. The order was filed on 1/7/2009.
http://www2.dre.ca.gov/PublicASP/pplinfo.asp?License_id=01768177
- California law bars any foreclosure rescue or loan modification company from charging an upfront fee if the client is in default.
http://www.dre.ca.gov/mlb_adv_fees.html
After discovering this, I asked Massachusetts Attorney Glenn F. Russell, Jr. to represent the Angers pro bono. Mr. Russell then sent several faxes and emails. On February 6, 2009, the Angers received a response from Peoples First Financial, which said that they must fill out a form explaining why they think they are owed a refund and indicating that if one is granted, it would arrive in 6-8 weeks.
“This is ridiculous,” says Glenn Russell. “I have never seen a company treat their clients this way. The Angers trusted this company to protect them from losing their home. Now not only are they going to lose their home because of Peoples First Financial, now this company wants to jerk the Angers around about their refund. This is appalling, and I plan on pursuing every legal option available to help the Angers keep their home!”
Peoples First Financial is still conducting business even with the Desist and Refrain Order issued by DRE. I would stay clear.
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