Forensic Loan Audits – A Cautionary Tale
In desperate times, people take desperate measures – and often times it’s the kind hearted and well intentioned people who get burned.
Please read the story below as a cautionary tale. It’s yet another reminder of the creeps out there chomping at the bit to take advantage of those in most need of honest help.
Keith Tinney, along with 15 other Stockton, CA residents just wanted a little help modifying their home loans. They met with Paul Killmar who said he would conduct a “forensic loan audit” and find where the banks violated mortgage agreements, thus providing the borrower with ammunition when trying to obtain a loan modification.
There are good people out there who can actually help, but there are so many bad people sometimes it’s hard to tell them apart. Just remember, if it sounds too good to be true, it probably is.
The 66-year-old Tinney took Killmar on his word, and was ultimately milked out of $2,900.
… Tinney leads a list of 15 Stockton residents who allege a Southern California man named Paul Killmar bilked them for more than a combined $50,000 by charging upfront fees for forensic loan audits on their mortgages. There could be others, too.
So-called forensic loan audits promise to find where banks have violated their end of mortgage agreements, with providers saying they scour the fine print on the loan documents. Struggling homeowners are told they can use that information to pressure their lender into some type of loan modification.
In late February, state Attorney General Jerry Brown called forensic loan audits “phony mortgage relief services,” and warned against the scam.
Upfront fees for mortgage relief help have also been outlawed.
Those warnings came too late for Tinney and at least 14 other Stockton residents who were referred to Killmar through Stockton businessman Claes Carlsson, who runs the financial services company Asset Invest.
Carlsson says he was as shocked by the scam as his clients and cut off his referrals after receiving complaints. But he did convince some of his clients they could find help through Killmar.
Finish Reading SCAM WARNING TOO LATE FOR MANY by Keith Reid -Record Staff Writer; March 18, 2010 12:00 AM
Contact reporter Keith Reid at (209) 546-8257 or email@example.com.
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