[CRANKIE123]

We need to lower our interest rate, our lender went under and sold our loan to a collection service. They referred me to Lend America and they say they may be able to lower the rate and also the amount of the loan by 70thousand dollars. It all sounds too good to be true, is it possible that they can do this?

[truckengasman]

I too looked into them. They seem to be a little more repital, but they don't lend in all states like Tx. The drop the interst but doing what is now called "loan modification". I have not gone through w/ it being I live in Tx. Is part of the Bail out Mr.Bush past back in Sept. Ck with Better business bur. For any complaints. Hope it helps.

[sandkicker]

Under the law, that $70,000 in loan reduction is a forgiveness of debt. The lender is required to file a 1099 form with the IRS for that, i.e. reported as income TO you. This means that you will be liable for the taxes on $70,000 at whatever taqx bracket you are in, and furthermore, depending on your tax picture, if you don't pay the IRS the estimated tax on $70,000 by the beginning of the quarter immedialty after closing the new loan, you may be liable for interest and penalties when you do file your taxes from the date that you should have paid the estimated taxes.

[laurasblessed]

I received an overnight letter around the first of November. It said that our mortgage company was working with Lend America to lower our payments if we qualified. It sounded to good to be true. I pray a lot, and actually have been asking for a way to move to a different community to raise our 7 year old grandchild. We owed 184,000 on our home due to refies. We put a lot of the money back in the house, but with the market as it is, it didn't seem possible. After looking at this letter for a few days, I called Lend America. They told me that if we qualified, they would be able to forgive a large portion of our mortgage and put the refs to what the actual value of the house. They sent out a appraiser, with no money out to us. It actually appraised less than they thought, which meant it would even lower our payments. I called every one to try to find some sort of complaint on this company. I even called Douche Bank in N.Y. to see if they knew anything about this. The man at Deushe Bank confimed that this was real. Being that the man that was helping me , his name was Mike Deush, I really didn't believe. This poor man was third degreed, and very polite and did his job in complete. Our credit score was 480, and we were behind in lots of credit cards. Our house payment wasn't late, we always made sure that it was paid first. Anyway, I will say this has been a true blessing. They forgave 117,000 of the principal. Our payment that was 1350.00 went down to 733.00. I believe we have a certain loan that is not to be paid back. It is a true blessing. All things are possible with God. We have since caught up on other bills and are truly blessed. Mike Deush ( no e at the end) was the most polite, helpful, man. If anyone can put it through, it would be him. The phone number 631-944-6800 ext 1771. I do realize that there were certain circumstances because they had already made plans with our original mortgage company, but I was told out of a very large amount of letters that were sent out, only about 400 at the time had been answered. If you received one of these letters, I encourage you to check it out. All theycan say is no. God Bless

[LAsales]

That is such a great story from Larablessed that it made me join this website. I work with right next to Mike in our big office. You would be pleased to know that he was given recognition and monetary prizes at our last sales meeting for a letter written by a client thanking him for his services. That could have been your letter.

[MyriamCruz1]

My sister refinance my mortgage under her name and husband's with Lend America closing on October 24, the loan officer Alex Garcia called asking us not to make the November payment since it was not necessary because they figures were already included on the pay off and Bank of America which had the old mortgage would be receiving the payment by November 1st. I got a call from Bank of America asking me for the payments on November 20 and I was surprised and called Lend America immediately, contacted the loan officer, clients services, they all took messages and no one ever called me back. After trying to get responses from them and no one being able to call me back, I decided to make the mortgage payment to protect my good name and credit score. It is a nightmare, no one cares at this company, yet what do they do with the money they get to fund FHA LOANS? Do they spend it? do they gamble it? Do they invested? It is the worst experience ever... PEOPLE DO NOT DO BUSINESS WITH THIS COMPANY THEY ARE STEALING OUR MONEY, THEY RUINING YOUR CREDIT! I have read lots of complains about this company, no one calls you back, even if you contact the president of this company... I can't believe they are getting away with this. Someone really needs to do something to stop it?

[jonirn]

I too refinanced with Lendamerica, and they were a true blessing. Our mortgage also was forgiven over $250,000.00. I know it is hard to believe, but it is true. Out rate went from 11% to 5.5% with mortgage payment from $4500.00 to $2100.00. I never thought this would happen to me. It was like winning the lottery.

[BeckyLynn757]

I closed on my house in July 2009. Without Lend America it wouldn't have happened. Due to my low credit score and lack of revolving credit no one would finance me. Lend America did and I'm now a home owner!