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


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.

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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.


You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.

Steve Rhode

6 thoughts on “I Received a Mailer From Payment Reduction Service and Core Pac Solutions to Modify My Mortgage. – Charles”

  1. Hello.

    I also was a victim of this scam. Any thoughts on repercussions or a litigious or non- approach to getting my money back?

  2. Dear Charles/Steve,

    I am a former employee of Core Pac Solutions and I would highly advise NOT to obtain the services of this company.

    First of all, Core Pac Solutions is not and was never a law firm. Although this attorney is a real person, they simply used the name of Stephen E. Heyn to make the company look more credible.

    The mailer that you received was through a marketing company that we paid to deliver mailers to thousands of homeowners. This mailer promised we could get you a really low interest rate, probably something like 2%. Unfortunately, not ONE of our employees ever saw this mailer. Be warned: we are not the only company sending out these generic mailers!

    The $500 is for the service, the additional mortgage payment IS NOT, nor is it held in escrow. This is a flat out lie! They request this “mortgage payment” for 2 reasons: 1. to make you feel more secure that you will get a good modification from your lender and 2. because the salesperson taking your call works on 100% commission.

    Unfortunately, if you get declined by your lender, and request a refund, you will find it next to impossible to obtain any money back. They will use reasons such as, you did not supply us with the requested documents in a timely manner (which, by the way, IS stated in the contract YOU signed)or that the company is entitled to an additional fee based on the amount of time spent on the file. If you receive a less-than-desired modification, you will not be refunded, as they have held up their part of the contract by assisting you with the process.

    Hiring a professional to assist you with a modification will usually help you to get a better deal than if you were to do it on your own but, keep in mind, it is still not a guarantee and the the person you hire still deserves to get paid for their services, regardless of the outcome.

    Good luck! 🙂

  3. We have been trying to get in touch with Cornell Wallace mgr of Core Pac in reference to our refund of $1,250.00. because we were told that our loan was not modifiable. This has been over a 3-4 month period of time. We have several recorded messages stating that it was being transferred to the accounting department. However accounting has not received anything in reference to us. All of the other former employees that we have spoken to are no longer employed with this company. Will someone please give us a call in reference to this matter because our mortgage is behind since we did not get the modification. We can be reached at 678)522-6619 or by email. Thanx

    • Dear Michael/Meatrice,

      Please read the comment below, posted on Dec. 30, as that was my response to Charles and Steve.

      Unfortunately, Cornell Wallace no longer works for the company. He was fired for stealing from the company – one of the MANY crooks that made their way into Core Pac.

      I hate to be the one to deliver the bad news, but I doubt you will see your refund as the company is probably just days away from shutting down and the accountant, along with two other employees, were laid off in November due to lack of funds.

      I wish you luck with your home!

    •  I would like to find this Cornell Wallace also for he robbed,stole , or what ever you want to call it from me also over  $1400.00. Immed payment to be made with promise of 99.9% chance of loan being modified , had to be in office within 45 minutes . A widow that not only lost her husband but a home . what a lying dirty crook this man is . So was Indy mac bank nothing but crooks and liars along with Impac lending ..


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