Dinh Nguyen and the Ridiculous Core Pac Solutions Saga

Steve Rhode — Fri, 08 Jan 2010 13:54:55 +0000

I’ve written about the problems at the foreclosure rescue company Core Pac Solutions. About how it is alleged that the manager Cornell Wallace absconded with money from the company and was fired.

Core Pac isn’t a big foreclosure or mortgage loan modification company. In fact they were fairly tiny but it is a good example of a company that seems to have had only economic opportunity at its heart.

I’ve been told that Core Pac Solutions was owned by a disgraced and fired ex-cop from Santa Ana, California, Dinh Nguyen. And my calls to Core Pac went unreturned to confirm but the story is that the next reincarnation of Core Pac Solutions is going to be a medical marijuana dispensary in the same building.

The story of Core Pac Solutions would been a footnote or less but in checking around about Core Pac Solutions from leads I got from readers by email (tips@getoutofdebt.org) here is what I discovered.

When Dinh Nguyen was a police officer for the City of Santa Ana he was a mess.

Apparently he filed false Workers’ Compensation Claims with the City of Santa Ana. The claims were reviewed by Judge Nelson who said that there were a “plethora” of examples of Nguyen’s willingness to fabricate when there was financial gain to be obtained.

The apparent motive, it is said, for Nguyen to file claims of disability was the start-up of a very lucrative real estate and loan business after he signed a commission agreement with Pomecs Financial.

“You alleged you were unable to work modified duty at the front desk, but it appears you were doing similar office work as a loan officer for Pomecs, and based on the amount of income, it appeared you were engaged in full time work with Pomecs.” Source

During the time Nguyen was claiming compensation for Workers’ Comp he passed his annual Naval Reserve physical fitness test which included sit-ups, push-ups and a one and a half mile run.

The story goes on and on and involves the FBI, a criminal investigation, providing a false medical history to the Navy, forgery, providing false information on a residential loan application, and on and on.

The point of all this being that it serves as yet another example of someone who appears to have been nothing more that an opportunist only chasing the money rather serving either the residents of Santa Ana or the consumers that turned to Nguyen’s company, Core Pac Solutions, for professional help.

Core Pac will be but a blip, but the consumers that were harmed by unhappy Core Pac Solutions clients won’t soon forget about it for a long, long time.

@GetOutOfDebtGuy

I Received a Mailer From Payment Reduction Service and Core Pac Solutions to Modify My Mortgage. – Charles

Steve Rhode — Fri, 29 May 2009 16:57:47 +0000

From How to Get Out of Debt

Charles

“Dear Steve,

My mortgage is upside down, I am one month behind, I cannot qualify for a re-finance given my credit score. I contacted my lender to see if I qualified for the federal loan modification plan (countrywide/BOA) and they indicated that they will contact me if they think I qualify-no word.

I got an unsolicited mailer advtertising a Payment Reduction Service (Core Pac Solutions) formerly Stephen E. Heyn & Associates, out of California. I called and they indicate that they are a Law Firm assisting peolple like me in securing mortgage modifications.

I would have to make a one-time payment of $500 (retainer) upfront; if I commit by paying and submitting all necessary documentation regarding my current loan, they will work on my behalf with my lenders toward modifying my payments. They also indicated that I would have to submit to them one months’ mortgage payment to hold in escrow until my lenders work out a solution.

Can I trust this type of company to honestly work on my behalf-should I be paying for this type of service?

Charles”

The Answer:

Dear Charles,

I don’t know Core Pac Solutions or Payment Reduction Service or Stephen E. Heyn from a hole in the ground. I’ve never heard of them before. I did go and visit the Core Pac Solutions website, which seemed very generic. If you do go and visit it, turn your speakers off first.

What I can share with you is that my gut reaction would be not to do it. Here’s why.

Not every mortgage company is participating in loan modification programs. If yours isn’t then you could just be throwing good money down the drain. You first step should be for you to make a free call to your mortgage company and ask them to direct you to the loan modification department, which you’ve already done. If the lender is offering loan modifications you are eligible for then they will provide you with the paperwork and information necessary.

A mortgage loan modification is not a given. There are some very tight criteria about who will and won’t be eligible for a loan modification. To date the loan modification process has been disappointing for the majority of people, with either reductions of less than 10% or they discover their bank is not participating.

However, the minority that do meet the criteria and have an eager mortgage company to work with are finding some good modifications available.

I’m really struggling to understand why the Core Pac Solutions, the company that contacted you would need to hold a mortgage payment in escrow. Curious. I can’t imagine a reason why. If someone from Payment Reduction Service or Core Pac reads this, can you please comment and help me to understand why.

If they sent you any promotional material or an agreement to sign, I’d love to see a copy of that to review. If you can scan it, you can upload it to me here.

Now I’m a big fan of hiring a professional to help you with a solution, advice, or assistance when needed, but in this case I don’t see a benefit in paying for a service when your lender has already given you the answer.

Big Hug!

@GetOutOfDebtGuy

How to Get Out of Debt With the Get Out of Debt Guy » core pac

Dinh Nguyen and the Ridiculous Core Pac Solutions Saga

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I Received a Mailer From Payment Reduction Service and Core Pac Solutions to Modify My Mortgage. – Charles

The Answer:

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