According to San Diego’s 10 News, People’s First Financial has some satisfied customers and unhappy homeowners seeking a modification for a reduced rate home loan.  The 10News I-Team started taking a closer look at how this Mira Mesa company works after getting complaints from customers.  Lina Lopez is a mother of three whose husband and father was laid off from work. The I-Team went to Apple Valley to talk to her and another concerned client, Mark Walker.  Lopez says she paid $2,500 to People’s First Financial after being made a promise.  “She said, ‘We can help you lower your payments,’” says Lopez. “They were so easy to get a hold of but once they got my last payment, I got voicemails.”  Lopez says the company couldn’t help her, and when she tried to get her money back she was denied.

A similar thing happened to Mark Walker after he paid $1,500 to the loan company after he claims he was promised to get better interest rates.  He says he agreed to the modification agreement because the company promised to refund his money they were unable to modify his mortgage. He claims the sales associate informed him the company would also reduce their principal amount while getting a lower mortgage rate.  “We sent them the information they wanted, but we never back from them,” says Walker.  That’s no surprise, if you ask Jay Nichols. Nichols was Walker’s sales representative and left the company after five months.  “I was there and didn’t feel comfortable letting people go into foreclosure and not giving them their money back. If we fail, we fail, give the money back. The managers did not feel that way and I didn’t want to be a part of it,” Nichols says.  He explains the sales reps have nothing to do with the negotiating process. Their job is to get people in the door. From there, the client’s files go to a group of negotiators that work with the lenders to lower their monthly payments. Nichols says if the company can’t, it’s supposed to refund the customers money.  “What we’re selling them on the phone is we’ll help you save your home, you’ll pay us a lot of money to do that. If we can’t do that we will give you your money back,” Nichols says.  He quit after a few of his clients did not receive the refund they were promised.  “I sold the person on believing in the company and I didn’t know that it wasn’t going to happen,” he says.

When the I-Team went to get answers, Trevor Hutchison explained they never make promises to customers. He tells the I-Team they have many satisfied customers, and they charge people to “research and analyze” their situation.  “We look for solutions for them,” Trever Hutchison says. “They sign up with us for research and analysis to analyze what situation is, so we can poke and prod lender in the right direction or provide them with a refinance.”  He says people expect immediate results, but the process can take up to 120 days. 

Court records show the company has been sued by dissatisfied customers previously.  > For more information about a California Loan Modification Company, make sure you work with a foreclosure prevention company that provides at least a partial refund if the modification is not accepted by the lender and working with a foreclosure lawyer is suggested in case you need representation in court.  California homeowners need to be aware that the loan modification process is time consuming and can be confusing with quickly evolving foreclosure laws.  Loan modifications and legally negotiated mortgage terms do take time, so it is imperative that you choose a loan modification company that has the ability and willingness to work in the best interest of you the homeowner. 

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