Date This Problem Happened: March 13, 2012
State You Live in: California
Age Range: 36-50
Total Amount of Fee Paid:
Company Address: Christ Centered Real Estate Solutions – CCRES
Company Telephone Number:
Website of Company: nonshortsale.com
I’m not sure I’ve been scammed YET, but feel I’m being set up. I filled out an application for Christ-Centered Real Estate Solutions–Plan B. Plan B, unlike the one you’ve written about on your site is for people who have an accepted offer for the short sale of their home but don’t want to have the short sale reported on their credit. CCRES claims they can buy the note (even if it’s Fannie/Freddie insured) and then sell it to the buyer whose offer you’ve accepted. Then not report you to the credit bureaus, thus saving your credit.
HOWEVER, the first thing they advise when they meet with you (In person, nothing in writing) to review your application is that it’s easier to by notes for non-performing loans and “they can’t advise you not to pay your mortgage, but they know that non-performing notes are easier to buy”. They then make vague promises about cleaning up your credit after all is said and done.
As you know they have no publicized web site, however, I was told by them yesterday that I could go to www.nonshortsale.com for additional info. about the company. The also promised to send me a video which they haven’t yet.
I have an accepted full price cash offer on my property. But now I have a sneaking suspicion that the offer may have come from CCRES as I’ve been told the buyer is an “investor” who wants to rent the home.
The agent I’m using does not to me to be in kahoots with CCRES, but she’s been advised by an escrow and broker friends that CCRES is legit.
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If they were legit. then why no transparency?
Consumer Action Taken:
I spoke to CCRES financial screener yesterday who tried to assure me that my loan, though insured by Fannie Mae, was eligible for a note purchase. He claimed that my loan will be submitted along with $30 million in other loans to an officer/”Insider” they have contacts with at BofA later this week. CCRES said that they will have a decision from BofA within 2-3 weeks as to whether my note can be purchased. If my note is not sold this go round they will submit again and again until it is. Obviously, this could take months, and I have an interested buyer now and don’t wish to drag the process out any longer than necessary (UNLESS I knew for sure my credit would be saved).
I had to ask the financial advisor three times what CCRES stood for before he finally told me. He sent me a bio on Thomas Duck and resume for Stephan LaBella this morning, and a copy of their LLC license with state of NV this morning, to reassure me, but no mention of Mr. Fierro. I’ve called a friend at Dept. of Justice who works on mortgage fraud about this and he’s looking into a few things. Also called Boston Community Capital since CCRES is pointing to them as being successful at these types of transactions. BCC is aghast that their name is being used in connection with CCRES.
Honestly, I’d love to help shut these guys down.
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