Direct Mortgage Funders

I was contacted by a computerized call system that asked me to leave my name and number if I was interested in lowering my mortgage rate. I did so, and Joshua called me back 3 hours later. He said he represented "Direct Funders," which I am assuming is the abridged name for the organization ("Direct Mortgage Funders") which the three prior posters mentioned.

The fee ($3000) was the same, the sales pitch was the same, and the promise of no money paid "up front" was the only difference. The typical successfully re-negotiated mortgage rate I was quoted was "around 3 1/2%," but their website doesn't seem to show that same favorable rate. (In fact, the rate shown of 5.5% is higher than my current mortgage rate, because I just bought the house 6 months ago, and I am not behind in any payments -- yet.)

Has anyone else been contacted by this "Direct Funders" organization? I doubt I will call them back.

I have dealt with this company as well. They took $3,000 and guaranteed that they would get me a modification. It is over 20 months later and I still do not have a modification. I did not see anyone else complain about them and they had an A- rating with the Better Business Bureau, so I have been patient. I just happened to look up the company on the internet when I came across this post. I have their complete names and their various address, cell phone numbers and license numbers. If I am not able to get in contact with them, which so far I have not, I am going to report this to the Attorney General's office. I was planning to report them to the BBB but they are mysteriously are not listed with them anymore. If you are interested in exploring this further, please post your interest and I will give you a way to contact me.

Direct Mortgage Funders were working on a loan modification for me, but I spent more time calling the loan department at EMC Mortgage than they did. It stated on the contract that I was entitled to a refund of which I wrote in a letter, emailed, and called Direct Mortgage several times and have yet to get a refund. These people are corrupted and I am waiting to receive a refund ASAP like it says on the contract. If anyone out there wants to get a loan modification, try to do it yourself. Do not use these people at all.

Prior on May 8, 2009, David **, an agent from Direct Mortgage Funders, Inc. called me before we decided to get a loan modification. I told him, and he was aware at that time, we are not late on our monthly mortgage payment and no hardship reason. We found out that these are the criteria and basis of getting a loan modification, but David gave us an assurance for a full refund if we are not going to be approved by our lender. I told him very clearly on the phone that we are only interested on a "principal reduction" since the market value of our house dropped tremendously these months. This will also help us to reduce our monthly mortgage payment. At first, we were hesitant to get a loan modification because we might be a victim of a scam. I told David that we are going to think about getting a loan modification but after couple of phone calls from David to us, he said that why not take advantage of the program.

My husband and I were convinced after I asked David if it is a full refund if our lender will not approve us. He gave us an assurance that it is a full refund. To make sure about our verbal agreement on the phone, I sent him a note stating about the full refund along with our $3,000.00 fee to him. I also sent him a fax regarding my note of the full refund. I also remember clearly at the time on one of our phone conversation that we don't have such amount to pay him and he said that why can't we use our credit card for payment. I told him that we are going to just borrow the money because we don't have such amount available on our credit cards.

I called David on the phone to confirm that he received our payment and he did get the check that I issued. If he is an honest person, he could have clarify my note that I sent him about the full refund before he cashed our payment but no calls from him. We have all the necessary documentation and notes to David stating about the full refund. I totally disagree with what Ben Mahjoubi, the owner of the company, when he said that I was informed many times in the beginning that their firm makes reasonable efforts to obtain a loan modification, but there are no guarantees for such service. Ben Mahjoubi and David ** are not honest people to trust. They don't want to accept their mistakes especially David ** who could have made it clear to us that it is not a full refund when he received my note to him.

In the first place, Ben Mahjoubi was not the direct person who offered us a loan modification and who did not make a phone call to us but his agent David **. The only time that I talked to Ben Mahjoubi and he was only involved after the fact that we are already complaining how to get our refund since David ** has no control on the situation anymore, or he cannot handle to resolve the problem, the mistake that he made to obtain a "principal reduction". He also told me on our phone conversation that he doesn't issue the check but Ben Mahjoubi.

After we made the payment, I am already frustrated to keep calling the office for several times and left several messages but only few times that they return my calls. I think I spent more time in calling their office about getting the status of our loan than their office who said that they spent time in handling our loan. I called our lender, GMAC Loss Mitigation Department and based from their record that the company only submitted their request in July 2009 and in October 2009. Both denied due no hardship. We submitted our loan on May 8, 2009, but based from the GMAC record that the company only submitted our first request last July 2009, but the Direct Mortgage Funders, Inc. got our application on May 8, 2009. In other words, for obvious reason that they already cashed our payment and they waited until July 2009 to submit our loan in the very beginning instead of May 2009.

At this point, we would like to get the full refund of $3,000.00 soon. GMAC Loss Mitigation Department told me on the phone that we will not be approved in the beginning when the Direct Mortgage Funders, Inc. submitted a request for loan modification because of no hardship. I was also told that the company keeps sending a request, but it was again denied because of the same reason. Your great help is really appreciated.