“Dear Steve,
I’ve been trying to help my disabled father for over a year. His mortgage loan originated with country wide, then it ended up landing with BOFA. It’s been next to impossible to get a so called *HAMP, or *HUD help since they are nothing more than credit counseling centers that corresspond with the banks if *LUCKY.
I am asking you! Have you heard of Debt Source Solutions out of NewYork. Supposedly it’s 6.95 a month, and 800 goes into Mericard while they submit paperwork?
Jason”
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The Answer
Dear Jason,
The fact your father is disabled makes me worried someone is trying to sell him a debt relief service. For assistance with the mortgage I would suggest that your father first talk to a HUD Housing Counselor, for free, and see what programs might be available.
Of course we can’t ignore the fact that your fathers recent disability might just make the mortgage unreasonably expensive for him in his new situation.
I took a look at the Debt Source Solutions website to see what they are selling.
My initial reaction is that I’m a bit concerned that they don’t describe their services on their site. Charging advance fees for mortgage assistance is illegal in some states and the MARS (Mortgage Assistance Relief Services) rule it is illegal to charge upfront fees for mortgage assistance. Companies can’t collect money from a customer unless you deliver – and the customer agrees to – a written offer of mortgage relief from the customer’s lender or servicer. – Source
If anything, the Debt Source Solutions Financial site seems to not have a particular focus. They say, “Debt Source is not a debt settlement service. Debt Source does exactly what it’s name suggests and provides solutions to give you a new life and set you on the path to success.” I’m not really sure what they name suggests. Maybe they are just a referral service since they say, “Our 3rd party affiliates deal directly with your creditors to make sure that this is the case.” – Source
Heck, they even get their own name wrong repeatedly on their website. They say, “Debt Source Financial Solutions could be the difference between financial comfort and bankruptcy.” But they say their name is Debt Source Solutions Financial, Inc. But it seems to be a moot point anyway since the New York Department of State website can’t find any company registered to do business under the name Debt Source Solutions or Debt Source Financial.
The company lists their address as 445 Park Avenue New York, NY 10022 but does not give a suite number. It’s a multistory office building. There are virtual offices for rent in the building. Maybe they are using one of those. If so, then who really knows where the company is located.
The company, under just Debt Source Solutions, currently has an F rating with the BBB. – Source
So to summarize, the company does not seem to even mention they have any experience in mortgage help, they are not permitted to charge advance fees, they do not appear to be registered to do business in New York, and they can’t get their name right. That’s pretty damn disturbing.
I urge you to follow my two guides to evaluate your choice of any company.
- The Ultimate Consumer Guide to Checking Out a Debt Relief Company Before You Sign On the Line
- How to Check Out a Business or Company to Avoid Getting Scammed or Ripped Off
You can look at the related articles section of this post to see what has been written about them in the past. The comments on any relevant post may be enlightening as well.
Please post your responses and follow-up messages to me on this in the comments section below.
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