Investors Finance Inc. -HOMR Program review: Scam 173

This is Mike Monaco CEO and President of Investors Finance, Inc. I encourage you or anyone to contact me directly with any question or concerns you may have at [protected]. This posting seems highly suspect.

Thanks for posting this. I thought all along that this maybe to good to be true but wasn't sure. I checked out that company you mentioned the Guardian Group and it seems like the same story that Investors Finance sold us on. I am pretty much in the same boat as you but I am not about to lose my house. I worked with a law firm who was suppose to get me a loan modification and they didn't. So I signed up with IFI as it seemed like a good thing if they could make it happen. The only difference is that I only paid $795 or $800, I would have to check my statements for the exact amount. It seems that you paid over 2 times the amount I did. Sorry that you paid more if in fact this is a scam. I haven't actually dealt with or spoken to anyone over at Investor Finance. I have been working with the law firm directly who turned me onto them and they assured me since I signed up about 4 months ago that my file is in process and close to closing. I am really upset at the law firm more then anything as they recommended this company. I paid a lot more for my loan modification and nothing happened. I did receive paperwork from IFI called an Affirmation or something like that. They put down a value I felt was a little high but close to the current value. But their interest rate was 8.75 which I feel is really high. Since I am not happy with the law firm. I went to a different law firm and the attorney I spoke with assured me that the affirmation was not binding so it was probably ok to sign. But I decided against it and didn't sign it and send it back to Investor Finance.. My current attorney warned me to not pay any further upfront fees in the future and to proceed with caution with IFI and my loan mod law firm. So I waited a couple of weeks hoping that this Affirmation document was going to happen. It has now been almost 3 months since I received the affirmation. I have heard nothing from IFI and I have not contacted them. either. But I did contact my bank who holds my mortgage and they said they had no records of selling or restructuring my mortgage with IFI. But they asked for a copy of the Aff irmation document and they have been more willing to work with me now. Since then I have been working with the bank directly and not bothering with my loan mod law firm. I guess it is true. If you want something done right. You need to do it yourself. As I don't think the law firm or IFI have done anything with my account at all as the bank had nothing in their records. I am close to coming to agreement with the bank that I would be very happy to get. The bank rate is a closer to 2%-5% and they are considering a principal reduction as well. My negotaitor at the bank has been very helpful and is willing to work with me! It seems that the banks are finally listening and willing to work things out. I am employeed and can afford my house which is why IFI supposedly was working with me. They made it seemed like I qualified for their program. Now I think they just wanted my money. But I was willing to pay $800 to find out. But I am also willing to walk away from my house as I am underwater and it is not worth what I have against it. I will assure you one thing though. Once I close this new loan with my existing bank. I will go back to this law firm and IFI and ask them for my money back. Because it seems like neither of them have done anything to get my principal reduced or my loan modified or restructured. I will continue to keep paying attention to this until the bank finally does something. Good luck to you. After reading your post., my suggestion would be to speak to a lawyer and get some further advice as I did. And also take the Affirmation that IFI and show the bank what they are offering and see what they can do! But I wouldn't count on anyone but yourself to get thing done.

I would suggest that you Contact Mike Monaco to properly educate you on the program. This transaction is done through a different department and not the negotiating department. Which is why when you contact the Banks servicing dept they are not familiar with IFI. Also, IFI has never promised or commited to stop the forclosure that is something that the homeowner needs to take care of and usually the Lawyer handles that. If you have paid more than what IFI's fees are and were mislead to think they were IFI and not attorney fee's, please contact IFI and provide the name and number of the Firm. There are many people out there in need of this program and it is a great one, please don't scare people into thinking this is a scam. It is NOT.

I have heard great things about IFI and look to move forward with them. I have done quite a bit of research and they are definately legit. They are very real and you sound a bit mis informed. i would call Mike Monaco to clarify in regards to the program.

I would love to talk with Mr. Monaco, but I was told he is in New York and I have left messages for him to call. I would like to think they are legit, I got paperwork today and the amount of the loan and new mortgage is way higher than we were originally told. My gripe is with USMAC, the lady that originally told me about the HOMR program is now MIA, I was told she was on vacation and would be back on May 15th. Of course that was a lie. Now I am calling there and no one picks up or replies. When I called Investors finance I was told that they don't talk directly with the homeowner and that I should contact USMAC. When I got angry and said that was what I was trying to do, the lady said she would have someone call me back. That didn't happen either. We pay money and then are not told anything that is going on, our lives are on the line and they ignore us, that is not CUSTOMER CARE. If Investors finance is indeed legit, I suggest they disconnect themselves from USMAC right away.

I have been following the Guardian Group as I am a victim of their scam and stumbled upon this complaint as their name popped up when I searched for it. I suggest you do what one of the above postings says and work with the bank directly. If you check out this complaint board you will see that the string of postings are very similar to what we experienced when we were scammed by the Guardian Group. First it started out as a complaint. Then people from the Guardian Group got onto the message board and started to defend their company and posting positive comments about working with the Guardian Group. Just look at the past Guardian Group posts and you will see that they are very similar to the ones above. I am sorry folks, if it seems to good to be true. Then it probably is. My suggestion if you think you are being scammed. Then you should consider filing complaints with the proper authorities. Probably the department of Real Estate for California, the attorney general, the district attorney or any other federal agency. I would not wait. The longer you wait, the more people get scammed and the longer it will take this company to be shut down. But until someone turns these con artists into the authorities. They will continue to take people's money. They are preying on desperate people who are in a bad place. I am a victim of the Guardian Group and I waited too long to complain to the proper authorities. Look at last posting which refers to USMAC. They are all over this complaint board and it looks like the attorney involved is in trouble. If this company Investors Finance was real, then why would they associate themselves with a company like USMAC. I also tried to pull up Investors Finance as a stock and can't seem to find them. This should be another warning sign. They claim to be a publicly traded company. The Guardian Group said they were backed by a Billion Dollar Hedge Fund which was not true. Also these companies are trying to buy your mortgages for pennies on the dollar supposedly from the bank. Then why do they need your up front fees? I know you want to believe it people. But wake up. This is most likely another scam.

Mr. Monaco or any other IFI Rep,

I was trying to look up the stock symbol for your company and have been unable to retrieve it, I was under the impression you were a publicly traded company. Please help me to clarify this matter.

I am filmier with IFI and the homer program let me start by saying if you paid 1650.00 then you have just recently been introduced to the IFI program maybe in the last 40 days or so. Is this correct and if so lets compare how long it takes to complete a loan modification to how long IFI has been working on your Principal reduction. My personal experience is over 6 to 11 months at best to complete a loan modification. You have gave IFI 40 + days and are already blowing smoke on the internet about it being a scam if you gave the loan modification company 10 months to do there job than I think you should give IFI some time as well before spreading bad press. What if some one was doing this kind of bad press about you after giving you just a short window of time to complete such a large task?

By the way I lost my home to foreclosure last week and I blame my self
I didn’t pay the mortgage and some time's it's just too late to save it. No I didn’t hire IFI because I couldn’t give them the time they needed to save my home I was told they would need at least 4 months and I didn’t have that much time.

Good luck

I finally talked to someone from USMAC, I do not expect to hear from them everyday when they have nothing new to tell me, but I did have some important information for them that might change the status of our case. It would have been better if they had responded earlier, but they didn't and that could be costly. I don't think it is blowing smoke about it being a scam on the internet if there are legitiment concerns. We were enrolled with IFI from the beginning of the programs inception, it is now June and we have only just received the affirmation papers. The terms have been changed a lot from what we were originally told and signed on for, I am not blaming anyone for that as they have to do what they need to to make it possible for the investors to get a return on their money. Mr. Monaco has still not called us and we suspect he never will, even though it is posted here that you can feel free to call. I still don't know if this is a scam or not, I would like to think it is all above board and that they are able to help desperate homeowners, but we think it is not going to work out for us, there are still no guarantees that IFI will be able to aquire our house, maybe it was a good idea that was harder to manage than they imagined.

What is the law firm? Ever heard of Hedding Law Group? Or American Law Firm? Ever heard of Peter Girgis or Andres Gaitan?

Have you ever heard of Mortgage Restructure? Or Guaranteed Principal Reduction?

I put a client into this program and I am worried about it.

I have inside information from an employee that Mike Monaco has been in trouble with the law many times. His nickname by many people is "Con Man" From that inside source, Mike Monaco has thousands of loans, but NOT ONE CLOSED! Who ever deals with him should contact the FBI and your local law enforcement agency. If he took your money, report him right away so you can get your money back. He's laughing all the way to the bank, you fools. Don't fall for " I've had terminal cancer, but I'm a Christian now...I just want to help you folks out...the man is a CON MAN.

Thru my source, nine people who have reported him recently. .. hopefully he will have a nice knock on his nice mansion door soon.

Again this is Mike Monaco CEO and President of Investors Finance, Inc. I encourage anyone to contact me directly with any question or concerns at [protected] or email me directly at mmonaco@InvestorsFinance.net

Investors Finance, Inc. Stock Symbol IFVI
For Information please contact the Security and Exchange Commission:
www.secinfo.com
http://www.secinfo.com/d1J13.zc.htm

Ms. Molinari this is Mike Monaco - I am back from NY and have requested for your file to be placed with Andrea Fisher head of operations to determine how to resolve your concerns. HOWEVER we have never received your file. Also our legal department indicated to me that we do not have USMAC Law Group approved to do business with IFI. Please send me an email with a phone number that I may be able to contact you directly. My email: mmonaco@InvestorsFinance.net

Yesterday I got a phone call from Mr. Monaco and feel a lot better about things. However, USMAC is a different story. We still may not be able to save our home, but IFI still might be successful.

Many thanks for your comments, as Mr. Monaco mentioned above, IFI did not approve USMAC, so I truly believe what you are saying is exactly what happened. We hope they can still help us as we have exhausted all other attempts at keeping our home.

I am very concerned as I am close to losing my house too. I am hoping that IFI can help me save my house. I qwould like to give them the benefit of the doubt and believe they are for real. Since I am local and live down in SD. I went to IFI and checked out their offices a few weeks ago. I have been trying to research on IFI and found this thread today. I am even more concerned with what I see. I wish I found this a few weeks ago when I went to their office. I was really shocked that they were operating out of an executive suite. There was a receptionist in front so I went toward the back of the office. I asked some one who was not a part of IFI about the executive office and they told me that IFI only had a few offices. I left because I didn't know what to do or say. It makes me worry that this is actually a scam. I have never heard of a publicly traded company operating out of executive suites. Also when I pulled up the website that Mr. Monaco placed on this thread above. The SEC filing. It seems that IFVI has been pulled from the stock exchange and they have not updated their filing since 2004. Can you explain this further Mr. Monaco. Can you explain further about IFI being a publicly traded company. How can this be if you are not traded anywhere and haven't been on a stock exchange since 2004. That would mean you are not a publicly traded company. Also, Ms. Molinari. Since you are in the same positionas the rest of us. I assume that Mr. Monaco told you a good story. I find it strange that he waited a month to talk to you. He seemed to blame everything on usmac and now you are happy with the lies he probably told you. You mentioned that you got an affirmation from IFI. How could this be if he has no record of your file as stated above? Mr. Monaco states that he has no record of your file. If that was the case then how did you get an affirmation from IFI? I have had my affirmation for a few months and the bank has no idea who IFVI is. Mr. Monaco states his legal department told him they do not do business with usmac... How can they have a legal department if they just have a couple offices in an executive suite as Mr. Monaco states. I find too many inconsistancies here. I am very concerned. Actually scared at this point that IFVI maybe another scam.

Rinstine from San Marcos. You seem to be just as shady as IFI. You state you were involved with a company that was shut down by the FBI. Then a company that was a loan modification that was shut down in San Diego. Then part of the other scam to buy peoples homes, lease them back and then give them the option to buy them back in 3 years. This seems to be another scam happening now. Then a forensic review company you stated was a bad business model. So you are involved in 4 previous scams which you admit outright on this thread and now you are defending what seems to be another scam of principal reductions? Stupid is as stupid does, I guess! Areyou are suppose to be some type of expert we can trust? Oh and you state the Investors Finance gets back to people but it took Mr. Monaco a month to get back to Ms. Molinari. Then you state that Mike Monaco posts his number on this thread. When you call that number. It seems to be the direct # to the front desk at an executive suite. You can also get the number from the website. So what. I can get his # from anywhere. It is not that tough, it is not his direct #. Mr. Monaco, what is your cell phone? In your 3 years of scamming people with 4 other companies, now make that maybe 5. You are impressed that the CEO gives us the main number to the company? You should change your name to Forrest Gump. Cause I don't know anyone who is this stupid to defend a company like Investors Finance and tell us about the 4 other scams you involved in. Then you give us your website. You being involved with 4 other scams, either makes you stupid or completely clueless like Forrest Gump. You are right about one thing though. This is the wild wild west! People are robbing poor people blind. You really don't make any good arguements here. So you are helping continue help out the 5th scam in three and a half years. I am sure the FBI won't be as nice the next time. The only thing you are a veteran to, is scaming other people it seems. Rinstine, I mean Forrest Gump, you are unbelievable. Mr. Monaco, is this is one of your employees? Now I am more concerned.

After reviewing this thread again. I am very worried and I am now convinced this is a scam. I think the Guardian Group Victim is right as stated above. The GGG Victim stated that first it started out as a complaint and then people from the Guardian Group came the thread to defend their company. I am sure every post up above from Sounds Good to Me, Love IFI, to late for me and Rinstine are all people who either work for Investors Finance or are part of the scam in one way or another! I can't believe these people are preying on people losing their homes!

Mr. Monaco. I found someone on another thread to have another principal reduction program Atlantic Mutual to answer a few simple questions. And it seems they are not able to answer them. You claim to be completely transparent as stated above Mr. Monaco. So this should be very easy Answer just a few simple questions.
1. How many principal reductions has Investors Finance Inc. done. And if you have done many, then why aren't there any testimonials? Because you probably haven't done a single one. If so, place them on your website or have them speak up on this post. Every person who I know that got a loan modification loved to talk about it. If you have actually helped customers reduce their principal. They would be telling everyone and your business would be legitimized.I am expecting the same thing that all the other principal reduction program company out there are saying. We are working on it. If Investors Finance have a complete list of any testimonials that we could speak to that would be great.
2. It seems that you are not a publicly traded company. Then where are you getting the funds to buy our loans? Can you give us a financial statement with at least 2 billion in the bank? Because that is what it will take to execute your plan. I was hoping you can clarify where your backing is since you are not a publicly traded company.
3. And finally how many customers do you have? Or how many people have you taken upfront money from?
If you have not done several principal reductions. You have over 5000 clients and collected several million already in upfront fees? And you don't have close to $2 billion in backing. Then be honest with us, is this a scam? Because for you to buy 5000 loans at $100, 000 a piece. You will need at least $500 million.
Remember in the post you stated above you are willing to discuss anything. I am not gonna call you as it seems like it will take a month to hear back from you. Plus, I will be furious at you and you probably don't want to hear what I have to say. So answer these 3 simple questions! I can't wait to hear your bs! Let us all know on this thread as we all are concerned!

Just to clear up the issue of my file, it was under my husbands name (we have different surnames). But yes, IFI must have gotten the paperwork from USMAC as they were the ones that got us into this program in the first place. When Mike Monaco called me, I was relieved and felt that glimmer of hope that we all cling to when we think that there is a possiblilty of saving our home.We did consult with our legal rep. here in Las Vegas and he said it might be worth trying, as our other options are not working. We were in on the HOMR program from nearly the beginning and did not pay as much as others have done. We were contacted by someone from USMAC who said she was with customer care, however, when I tried to call her back one of the many times that I called there, I was told she was on vacation. It was a long one, as far as I know she never came back. The first red flag was when we were asked to make payment through pay pal. Paypal did not want to run that much money through the system, we made other arrangements through Wendy Alvarez, who now I am told no longer works at IFI. All of this is looking very suspicious, and we are sure we have been scammed. I too asked my lender if an offer had been made on my house and they knew nothing about it. Someone at USMAC said an offer had been sent to them in March. My husband and I are not happy and Yes, we feel we have been lied to. The only thing that would convince us otherwise is if IFI proves they have actually got something done.

this is a test

PEOPLE...DON'T BE FOOLED. I just spoke with my IFI friend...Mike Monaco had a staff meeting and ADVISE many of his employees to go online to post positive reviews about the ocmpany...IF THEY WANTED TO KEEP THEIR JOBS...

HERE's a good question...ask Mike Monaco if his house is in foreclosure and that's he's using your money to pay back mortgage payments and taxes? He goes from one scam to another. Two of my friends have just written letters to the FBI and other agencies to investigate this SCAM...Mr. Monaco the Fed are coming for you..

PEOPLE...IF YOU LOST MONEY...GO ON LINE AND DO A SEARCH...HOW TO REPORT A MORTGAGE SCAM...IF YOU FEEL YOU WERE TAKEN...DO SOMETHING ABOUT IT...REPORT IFI AND MIKE MONACO...BE PROACTIVE!

The stock symbol for this company is IVFI

Thank you.

This is a total scam. Period. Anyone who thinks that IFI (that's charging an upfront fee and paying their employees kickbacks from it) is just plain ###ed. I personally spoke to Mike Monaco, and he told me that he's doing this work for" spiritual reasons". I guess he means hell. I have several clients that I thought about putting through this program, but after poking some holes in it, I quickly realized its a total scam. Why pay an upfront fee? I'll tell you...because they will NEVER deliver. After reading these posts I tried to call Mike Monaco, the girl answering the phone told me that she's just an answering service and hasn't seen or heard from Mr. Monaco in "a very long time".

Do you have actual proof that they are a scam?

Iwant hard facts. I know a broker who sent them 35 deals and one was his family. I'm open to facts and I can get something done about it if they are fakes.

Pleasdee show me the facts!

Hello I like everyone else here was scamed...I went through USMAC law group...and paid IFI to get my house payment modified. It feel through and I didn't get anything but my home forecloused on can someone please help email me yolis_h@yahoo.com

hellooo

You want facts about Mike Monaco...asked him about all the fraud lawsuits filed with the California Superior Court.

Where casn i look those lawsuits up?

Why pay an upfront fee? Where's this CPA that "certifies" income doc? They don't exist. If I'm wrong, post their information so we can call them and see where our $1, 650 went. What happened to Senate Bill 94 that protects people from these scams. Total scams. Read between the lines.

Monaco will either take off, flee the country, or get arrested. What he won't do is a principle reduction to save your home. That's a promise.

Cover your assets---Do you have proof of people who lost their money or are you assuming they lost their money because they did not get their loan done in 30 or 60 days?

I know 2 people who rejected from the HOMR program because they did not quailify for the program. They recieved their un cashed cashiers check back.
If IVF is a scam, it stands to reason that they would just take any deal and the money and go for it all, and why wouldn't it be that everyone can be accepted performing and non performing? What differance would it make as long as you have the $1650.00 to give them for the so called scam?

You need more proof then just your say so.

Where are you Mr. Monaco ? you haven"t made an appearance on here in awhile. we are assuming it is because you have disappeared with our money. And who is Andrea Fisher and why haven, t I heard from her as you promised ? I called USMAC and left a message that we are on to them, of course no call back, I believe you were in cahoots the whole time. If you are unable to get cooperation from the banks, why not let us know and give us some money back. I was told I was paying for an appraisal, since that never happened, where is the money ? Since we are all losing our homes now, we need that cash for moving expenses, it costs a lot, deposits, first and last months rent, moving truck etc. Nice of you to make things even more difficult than they are for those of us in this horrible situation. Mr. Monaco, you say you are spiritual, well, prove it, do the right thing. we entered into this in February, we were told 45-60 days, we got our affirmation papers, still nothing, if you were really doing this, you could have saved my home, there was plenty of time.

Hi Everyone,
My name is Cate. I do know about Investors Finance, Inc. (IFI), I have never heard of USMAC Law Group.
I am an associate with IFI and from all my research they seem straight up. I have talked to Mike Savage, Patrick Savage (VP) many times and Andrea Fisher and more at the office. I have searched for any scams with Mike Monacos name on it and cannot find them, so to protect myself and my client files that I am submitting to IFI, I would really appreciate where I can find this information. Please help me to protect my clients.
Also for those that need any help to stay in their homes, I know of two other programs that can keep you in your home for up to 3 years, so hopefully the bank will get the message to help, a government program will surface to help or it will give you time to save and get back up on your feet. How do I know these programs can work? I have seen it first hand. If interested in any info call me toll free at [protected].

Being a Realtor in San Diego, I have seen many homeowners going through enormous stress. Just a reminder when you need help, even when you are upside down, call your Realtor. Millions of dollars were dumped in April to the HAFA and HAMP program, which is technically being called the "homeowner's bailout", allowing homeowners to walk away from their home and even receive relocation assistance through Short Sale. Many homeowners think it's too late so they don't even try. My advice...call a Realtor, not a law or Investor group. Let your Realtor connect you with people you can trust!

A few simple comments to make about these postings.

1. A simple google search of IVFI shows that they are a public company on the pink sheets http://lmgtfy.com/?q=ivfi
2. Remember that IFI didn't make your home lose value, they didn't give you a loan you couldn't afford, whatever caused your financial hardship, it wasn't IFI
3. No matter what they say, no one works for free. You can go to a non-profit to attempt a loan mod, but when they fail you will end up talking to a lawyer, who will charge 3k to take your loan mod case, and charge you 1-2% of your loan amount if they succeed
4. Most important, loan modification is always a gamble, no one can guarantee you a loan mod. The note holder DOES NOT have to agree to a loan modification. Remember, you are asking the note holder to lose money on a loan you originally agreed to. If they want to, they have every right to foreclose and take your house. As a borrower you are not entitled to anything if you did not pay your mortgage, for whatever reason. Think about it from a note holder perspective, what you are telling the note holder is "I'm not going to pay my loan, so you can either change what I agreed to pay, or you will have to foreclose on me and risk losing even more money on reselling your investment." Sounds kind of like blackmail, how would you react if someone presented this to you?
5. If you feel like your original loan was a scam, or you were lied to or cheated when you bough your home or refi'd, contact the FBI or DRE, before attempting loan modification.
6. Here is a good posting from zillow about loan mods, http://www.zillow.com/blog/mortgage/2009/01/30/loan-modification-5-questions-to-ask-your-loan-modification-lawyer/

Forgot to mention, just because you didn't get what you feel you are entitled to, doesn't make it a scam. I'm still pretty disappointed that Jessica Alba doesn't spend all of her time waiting on me in a frech maid outfit, but I haven't figured out how it's a scam.

For the company specialized in note buying ( as they claim) was not able to get the basic information ie owner on the Note for 3 months and gives affirmation before knowing who the Investor is. Keeps on accepting applications with $795.00 processing fee with no results from last 5 months .Received letter initially that will get results within 90 days and now goes to 120 days -150 days and depends on the case to case basis .. if they cannot reply on phone, atlest should have online tracking system to check the status and progress of the case ..