I received a mailer from Chad Pratt and while doing my homework, I saw some of your articles about him from other people, but I think this is a new scam.
I already received my home loan modification through Nationstar Mortgage and when I told them that, the man I spoke with George Michaels (can you believe it? Wham!) said that my previous mortgage holder Aurora and Nationstar already admitted guilt in a 2012 court hearing and that they didn’t give me everything I should have received in my modification since my original loan (with Valley Vista Mortgage) was predatory and there was appraisal fraud involved.
That part is probably true. But he tells me right now my place would appraise at $103,000 less than I owe, which doesn’t sound right to me since a condo smaller than mine just sold for $390,000.
I am sure there was appraisal fraud at the time because it was refi”d in 2007, before everything changed, but he says that accordi ng to 3 comps my place appraises at $277,261 and that their law firm can make Nationstar reduce my principal balance to that amount, PLUS get me a cash settlement which they would of course take 30% of.
It sounded good, then he called the next day after his research explaining all of this to me, including a messed up version of the MERS law and said to proceed they need $3000. I asked how long this would take and he said 90 days and he assured me I would win because they have already accepted bad loans and they don’t want the FBI hanging around their offices.
My loan was a hard money loan, not a Fannie or Freddie and he asssures me I have a winning case and said Nationstar already sold my loan again and are just “the servicer” of my loan now, but I didn’t receive any paperwork indicating that as a fact. He kept saying it’s an “active MERS loan” and something about my promissory note not being attached to my loan….is that possible?
Is there any such thing as a MERS loan?
Was there really a law suit against these lenders and is it truly possible with this type of loan to get my principle reduced because of appraisal fraud and having a hard money loan, or MERS loan through a bank?
The documentation is the same form you had in a previous question with Chad Pratt:
Real Estate Law Center PC
30 N Raymond Ave #PH
Pasadena, Ca 91130
and it was Homeowners VS Valley Vista Mortgage
If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.Real Estate Law Center and Chad Pratt Say They Can Go After My Previous Lenders. - Jana by Steve Rhode