A tipseter sent me in a notice that Certified Financial Protection Group has closed up shop and left paying clients drifting. Certified Financial Protection Group was located in California and did forensic audits and loan modifications.
I have contacted CFPG and asked how they plan to handle refunds for consumers that paid for loan modification services but who will not receive those services because of the closing of the company. By the time this article was published they had not yet responded.
I called Certified Financial Protection Group and only got voicemail. I think you’ll enjoy the irony of the last bit of the recording. “An error has occurred.” I’ll say it has.
What is interesting is that U.S. Financial Advantage, a new company that is related to this one, (see this story) claims to offer consumer debt relief services including one service called Principal Reduction. They describe the program as “the majority of our clients come to us because they want to reduce their principal balance without going through a loan modification process. As such, many of these clients are behind in payments.” – Source
So why would Certified Financial Protection Group ditch and apparently abandon all their clients and open up a new site/company offering similar mortgage services?
Now, for another interesting fact. I found the Certified Financial Protection Group employee directory online, see below.
And the guy Jonathan Howard who is listed as the Business Development guy is also the guy listed as the contact on the U.S. Financial Advantage site.
Here is the email that was sent to me and allegedly sent to Certified Financial Protection Group clients on July 12, 2010.
We would like to thank you for allowing Certified Financial Protection Group to assist with your forensic audit and subsequent loan modification. This industry has undergone many changes over the past year, and the company has made concerted efforts to continue to progress with your lender to achieve as successful an outcome as possible.
I am sorry to have to announce that CFPG will cease operations.
Far too many lenders are unfairly making all attempts to extend the process of a modification request by using numerous stall tactics. Some of these include: requesting updated information every 30 days, extending hold times, “losing” documents, denying requests, and avoiding resolutions of a borrower’s severe problems. Essentially, they want you to give up.
It is now and has always been our intent to provide you with a service to reach the optimal of benefits. Since Certified Financial Protection Group will no longer be servicing your file, we wish to provide you with some suggested resources available to assist you with the continuation of the recovery work to have your lender provide you with an acceptable result.
CFPG has examined the results and progress of an organization that is directly contracted with your lender. That organization is known as the National Association of Consumer Advocates (NACA). It is a nonprofit advocacy group who is certified by the governments Department of Housing and Urban Development. CPPG will refer our clients to NACA in an effort to provide the resolution of your modification process. NACA’s service is at no additional charge to you.
What is very odd here is that they say they are sending consumers to National Association of Consumer Advocates (NACA) but then give consumers the wrong contact information. The National Association of Consumer Advocates (NACA) is at naca.net and is a site where consumers might actually find a consumer attorney that would go after CFPG for abandoning the client. I think what they meant to say was Neighborhood Assistance Corporation of America.
It has been our goal to assist all of our clients in reaching the result which will resolve in each keeping their home. Though we have been very unfairly vilified by a number of people and organizations, we are proud of the fact that CFPG has assisted thousands of clients to be successful and to remain in their homes.
We anticipate that many may have questions as to how this situation may affect you. We have prepared a short outline of anticipated matters to assist in answering your concerns:
(1) CFPG will no longer be managing, maintaining, or communicating with your lender for your modification purposes, and it is strongly suggested that you contact NACA directly for assistance in moving forward. Their address, contact number, and email address is:
NACA Home Save
3607 Washington Street
Jamaica Plain, MA 02130
Email: [email protected]
(2) If you choose not to utilize the service of NACA, YOU will then be responsible for contacting your lender and maintaining the status of your file with them.
(3) Many are currently in a trial modification plan. If this is the case, continue making your payments on time. Many trial modifications are designed as a three month plan. Due to lenders being backlogged, you may be required to make additional trial plan payments and provide additional requested information. It is in your best interest to continue this obligation until your lender offers you a permanent modification. It is suggested that you do not take “No” for an answer.
If you find that after contacting NACA that they cannot properly provide the assistance that you are looking for, please contact us by email at [email protected] for additional options.
Again, we are sorry about our situation, it could not be averted, and we thank you for your patronage. It is our hope that you will see a quick resolution which will resolve your situation.
Certified Financial Protection Group, LLC
M.B Wayman, President
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Update January 29, 2013
A tipster (send in your tips here) sent in the following document regarding Certified Financial Protection Group by the Lawyers’ Committee for Civil Rights Under Law.
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