|Fidelity Corporation Fidelity Corp Ripped me off for $1400 Lincoln, Rhode Island |
|17th of May, 2011 by User229099 |
|I went to Fidelity Corp for help with my Loan Modification (1st mistake). They said they could lower interest rate and reduce my principle. Their fee was $1400.00 which they had to have up front. They were very persistent about that. They called almost daily asking for the money and it had to be sent to them by a wire. On the last payment I was forced to send it to a 2nd account as they had closed they 1st account they had me using. Once they recieved the money instead of getting the principle lower it actually went up and as far as getting my interest rate lower to the promised rate it only went down .12%. Even getting to this point was like pulling teeth with this company. I believe that they did a bait and switch on us as they did not live up to the statements that were made in the beginning. There were other companies that offered the same thing and at a much lower price than this company. I now wish that I would have choosen the other company as I feel that they would have done a much better job at a lower price. The salesmen for this company will lie to you and they also will apply high pressure tatics on you as they will continue to call you many times a week. Please find a good reputable company that will provide you will quality service at a decent price and will actually deliver what they promise to do.|
|This complaint was filed by a former client Paul M. after a similar complaint was administratively closed by the BBB, which found that our company acted in the best interest of the consumer. The BBB also subsequently does not attempt to charge companies thousands of dollars to dispute fasle allegations. |
While the complaint is not entirely without merit, it is grossly exhaggerated and he failed to mention the many things we did accomplish to assist them. The couple came to us for help only after they were deep in the foreclosure process and on the brink of losing their home. The agent they first spoke to took all of their information and advised them they did meet the profile of someone we would likely be able to help. He explained we should be able to stop the foreclosure process, get their account brought back to current and lower their monthly payment as well their interest rate.
He also explained to them that their is a government initiative to help homeowners, like Paul and Stacey who are upside down on their property (owe more than the house is worth) to have some of their principal balance forgiven. Lastly, the agent explained that any delinquent amount would be put to the back of the loan.
All of these things are outlined in the contract they signed with us, which the representative went over page by page with them before signing, to make sure they understood what they services they were agreeing to.
After a few months of negotiations with their lender, Bank of America we were able to get the couple a successful modification. Anyone who has ever attempted to modify a loan with Bank of America can attest to have difficult a task this is. Their payment did go down significantly. Enough to save them close to $50, 000 over the lifetime of the loan. The interest rate was reduced more than a point and a half. Most importantly, the account was brought back to current and out of foreclosure. While the principal balance on the account did increase slightly it was only due to the fact that the loan was so far along in the foreclosure process that Bank of America had acessed significant legal fees, being that the bank had already paid their attorneys Paul and Stacey were on the hook for these funds. Had they not waited so long to act, this never would have been the case.
As far as the allegations that anyone insisted on the fees being charged up front and that he was called every day for the money, this is libelous in every sense. We realize that many of our clients are in dire straits and are not only flexible with our payment dates and payment plans but we offer a few payment methods for client convience. If he did make his payments via two different methods or two different accounts it was due to the fact one way may have been easier or less costly.
While we realize that anyone has the right to come on this site and make any allegations they wish we have recorded conversations with the clients bank (including the call in which the terms of the modification are explained to a representative of our company) as well as their signed contract and documents to evidence the truth whch we will gladly make available to anyone seeking clarification on this matter.
Finally, Paul claims that other companies offered him the same service for a CHEAPER fee. If this were true he likely would have gone with one of these companies. The months of work that go into assisting someone with getting their loan modified means hundreds of hours of man power, hours of phone calls and hundreds of pages of faxes being sent. All of these things cost a company money and that being said our fees are very reasonable. Any company claiming to charge anything less that what is pretty typical across the industry likely has hidden fees in their contract or is a scam.
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