Investors Finance Inc. -HOMR Program review: Scam 173

THANK YOU COACH FOR YOU GOOD NEWS AND INFO ( MIKE MONACO IS AT FRAUD AND IFI )
THANK YOU ! COACH

More Fraud… now Mike Monaco is changing the HOMR program to HOMR Express because he could not do anything he said he could do. BUT instead of refunding home owners who don’t want this new program he is just keeping their money. What a SCAM. Oh and now homeowners do not have to pay up front..hmmmmm I wonder why? SO what happens to the 1, 000’s of home owners that did pay up front and are getting thrown into a completely different program they never wanted or paid for? NOTHING but getting ripped off

how is he getting away with this ? there is no justice, I am one of the ones getting ripped off and thought he was going to get shut down. How frustrating.

Patrick Savage
Sales &Customer Relations
[protected] x190 office
[protected] fax
16870 W Bernardo Dr.#120
San Diego Ca. 92127
psavage@investorsfinance.net
www.InvestorsFinance.net

Exposing fraud appears to be the first step in the process. Now it's up to the San Diego District Attorney and the State Attorney general. So go back through the chain of posts and continue to submitt complaints to both resources and Mike will be shut down. The Department of Real Estate is holding hearing to strip Mike Monaco of his Brokers License but that is just a start!

Pat Savage is nothing more than Mikes sidekick and yes man. You won't get far with him!

I have a similar story as most everybody here. Does anybody know if there is a class action suit or similiar that is being pursued?

I haven't heard of one, I was told that he is going to lose his license, but for previous problems he had and not necessarily with the HOMR program. I don't think we will get our money back, which is really infuriates me.

I too am a client of IFI HOMR program. IFI just purchased my note and now is the Investor (after 5 months). I felt I needed to at least tell some of you that at least for me and my wife we got our deal done with IFI. The title and escrow closed on December 3rd. our process was that I was originally with City Mortgage which was USFM Law group in Orange County who tried hard to get us a loan modification. They referred our file to IFI. Linda Gimbel I thought did a good job. However at first I was very nervious after finding out that IFI only charge $795 for the appraisal and that City Mortgage took $2, 995. from us. So I had called the VP Frank Maimone of IFI and he assured me that IFI would take good care of my file. Surprivingly IFI appraisaed my house at the lowest pricing for my area and me and my wife when an notorized the IFI affirmation to verify the amount that would be acceptable to us, including the new payment and when I called Frank Maimone he said the IFI gave me a 3 day right to cancell without any addtional charges. We signed and sent it in. Now its been four months of waiting after we signed but once escrow got opened IFI actually bought our note from Wavochia and lowered my monthly payments by over 1k dollars. We did have to bring in the closing costs which we had saved from not paying our payments for the last two years. After reading all these posts, the news paper, and the TV news we almost pulled out but we talked to IFI underwriter and found that one of the people in the newpaper wasn't even a client of IFI and that one other was cancelled becuase he had a law suit against his property. I actully think after having talked with many of their staff at IFI including Monaco that the time it takes to get the loan purchased is longer from the banks than what City Mortgage had given us for closing. " Now I can say something of real IMPORTANCE" that is concerning to me and my wife and should be to everyone; I got a call the day before escrow was closing from Zen Companies Mr. Len Babbitt who was fired from IFI but was once with IFI as a manager (even on a video) that IFI requires a fee for $2, 995 for credit repair and that he was able to send someone named jorge to my house today to pick up the check or escrow would not close. I called Monaco direct which he said that was not true and that IFI did not require nor need us to have our credit repaired to close escrow. So to me that was weird and alarming that an old employee could call me and my wife on our private lines and demand a fee for credit repair. I looked up Len Babbitt on this website and [redacted] and found out that he has a new company in Ontario Ca doing a principal reduction and redit repair under the name of willow brook www.willowbrook.com they charge $2995 for credit repair to enter into their program. BEWARE of LEN BABBITT looks like he took off with his scamm and running it at willow brook BEWARE of WILLOWBROOK. IFI has referred this to their lawyers to stop them. Overall me and my wife have gone though hell in our relationship over this whole mortgage mess. We owed over 700k on our house that was only worth 415k. Would we do it again yes but I think I would have avoided dealing other companies and just go direct to IFI.

Tom,
If what you are saying is true then cheers to you. But a few things need to be cleared up ... Len Babbitt was not fired from IFI... he quit because of the fraud being committed by Mike Monaco. Mike Monaco accepted payments ranging from $795.00 to $2250.00 from over 1500 clients for the HOMR Program service. Average it out and thats approximatel $2 million dollars. It wasn’t until the Union Tribune and Channel 1o News stories broke that anything was ever completed... i.e. your note purchase. Until all of the other clients receive a refund or satisfactory results with regards to the services they contracted for... all should stay as far away from Mike Monaco as possible.
Consider the following scenario for any other business... if 1500 customers paid for a product at a going rate of $795.00 and only one customer was able to show fulfillment the authorities would be on the business like a fly on *%#+! This man has funded his personal life, country club membership, new cars, personal and family vacations etc. with the monies collected from individuals in desperate need of assistance. He is a criminal who has mastered the "system" all in the name of God! Look at his track record and it speaks for itself. A token "note purchase" does not a good man or a good business make!
His day of reckoning is coming!

Coach all I can say is that we got our house deal done. I met Monaco at his office the day we closed and he seemed to not blame anyone for all the bad press when we asked him about the channel 10 news and the newspaper. He just said that he was standing up to all the scammers and he has been doing business for more than 25 years. Coach we are very happy with our new payment with IFI and the fact that we saved 300k. It looks like IFI seemed to have goten over all of the problems they were having with the banks becuase we also met another couple from Corona that was in closing their new house deal too with IFI in IFI's lobby and they seemed to more than happy in fact they didn't pay their mortgage for over 2 years because they were upside so bad.

Tom,
You're wearing blinders and only seem to be concerned with your experience. Did you read the posts, did you see the lawsuits, and do you feel the pain he has caused so many. The man is a con man and often con men fulfill on a few promises to draw in the masses. Ever hear of Bernie Madoff? Some people actually made money... but the majority lost hundreds of millions of dollars!
Promoting this program is irresponsible and only perpetuates the fraud. What about 1500 other clients who had were made false promises, what about this whole scenario are you missing?
I'm actually happy for you as an individual but you are being extremely irresponsible by posting anything that may encourage another poor soul to fall prey to this con!
One more eye opener... 2 successes out of 1500 clients is equivilent to .0013333 % success rate. Do the MATH!

I have to agree with the coach, I am glad for you that you were helped, but what about the rest of us that were left hanging out to dry ? I signed up with IFI last February, in the meantime I have lost my home and so have many others that were scammed. Mr. Monaco is trying to save himself, and it looks good if he helps clients after the fact. Think yourself very lucky that you came in AFTER the fact. Are you now in fact renting from IFI ? That was the last deal I was offered, if so beware. I was not about to enter into any kind of "trust" that I was supposed to pay monthly without some kind of proof as to where the money was going. If you got a great deal, good for you. I was supposed to sign paperwork that listed my husband and I as tenants with a list of rules that we had to abide by as we would in fact be renting, also the interest rate when we finally became "owners" again was crazy. After all that went down with this company and the way things kept getting changed, we consulted a lawyer who was afraid it was suspect. Mr. Monaco told me I could get some of my money back, considering I never had an appraisal done on the house and that was part of the upfront fee, of course it never happened and calls and emails don't get answered. Those of us that were indeed scammed now feel more cheated than ever, the man admitted on T.V. that he had not had any success and now he has two, amazing. Sine you like him so much, could you put in a good word ask him if he will at least have the decency to give a full refund to those that got no help ?

One more thing I have to wonder about Tom, how did you know to come to complaints board to write about your great experience ? I spoke with Mr. Monaco a couple of times when he was trying to placate me, he asked me to stop posting comments. I am thinking therefore that it was HE who asked you to write something nice to try and shut everyone up. That is not going to happen, unless we get some money back, he is still a thief in our eyes.

Tom Goller... who are you... Citywide has no record of you ever being a client of theirs and I happen to know someone internal to IFI that claims you name is nowhere to be found in their records. Curious since you claim both of the above scenarios and are nowhere to be found in the record books...
It's time Mr. Goller to proof up or should I say Mr. Monaco. This is a joke and not funny but hilarious! Mr. Mike Monaco... did you think you could possibly get away with such a futile attempt to cover your fraud... You'll need to post the bank and Loan number associated with this supposed loan restructure because no one is buying your ###. You are weakening on all fronts and are going down as a result. I've been professional to this point and now it's time to take the gloves off. You are the worst of the worst and deserve to be put away for a long, long time. You know what they say... you can fool some of the people all of the time and all of the people some of the time but ... you can't fool all of the people all of the time. Game over buddy time to put the cuffs on and turn yourself in. Save your family the disgrace of having them witness the arrest made in your home.
If ever there was a deserving sinner you take the prize. Coming from a so called God fearing man makes it even more appropriate.
Noticed your website is down... what happened Mike Monaco were you shut down by the DRE or was it the FBI? Either way it was overdue!
While you sit in your cell I hope you find your peace but I think with all the challenges one has in a jail environment it will take a long time. Watch out for Bubba!
In would say Happy Holiday but in your case it would be better said as a Happy Stayaway. Karma is a ### Mike Monaco... welcome to your worst nightmare!

I was one of the people in the article in the San Diego union tribune, since there were only 2 of us named (if I remember correctly), you were lied to, my husband and I are indeed clients of IFI and we don't have a law suit. Mr. Monaco lies with absolutely no problem and then uses "God" to make himself sound like a good guy. What a hypocrite.

Coach, you are awesome, I had a feeling this was a fishy post from Tom Goller, aka Mike Monaco, what a piece of work, I totally agree, he needs to pay big time. Hohoho.

Contact a Non Profit Law Firm at once, there are few but when you find one that works in default litigation you can typically see great results. Try the one I fond in "Google" under "CPAC Non Profit Law Clinic"... Good luck

Yes, I too think IFI is a total scam. I have requested a refund of my initial payment of $2, 245 for the HOMR program multiple times. Of course, I have not received a refund as of yet contrary to the terms of the contract that I signed. So, today I am taking Investors Finance, Inc. to small claims court in Long Beach, California. I will post the results. Wish we luck. Hopefully I can get part of my money back from this scam of a company.

Yes, please let us know how it turns out, good luck to you.

The only way to get your money back is to go into his office:

16870 Bernardo Center Dr. Suite 220
Rancho Bernardo, CA 92127

However he might not be there anymore since his office was raided by the FBI! Of course Mike was MIA.
http://www.signonsandiego.com/news/2010/dec/16/offices-investors-finance-raided-feds/

Thanks for the info. I live in Las Vegas and can't get there, but I do have relatives in San Diego that will go check it out for me.I am sure Mr. Monaco is long gone.

This is justice served! http://bit.ly/fXm7aE

Maybe the feds should be looking in Oahu, HI... He can't hide forever...

People Like Mr. Monaco need to Burn in Hell..These Mother F***** take advantage of people who are vulnerable and need help...I hope u Rot in Hell Mr. Monaco and if you r so clean then come out and help people as you and your so un-professinal company promised.

I, too have been scammed from this company!

June 2010: We signed up with this company based in Stockton (US Loan Specialists) who said they can help with a principal reduction. I paid them $4500. They introduced us to IFI.

September 2010: US Loan Specialist owners were arrested for fraud. IFI stepped in said that although they haven't received my file they will step in and help me and said "NOT TO WORRY", that they were not responsible and were unaware of US Loan Specialist business tactics. They gave me a sermon about how horrible that US Loan Specialists did this to us and that they will help right away. I paid them $1695. (I deposited the money into an account at Wells Fargo that the lady at IFI gave me: Anybody ever talk to a person by the name of Lonica?)

Oct/Nov/Dec 2010: I would call Lonica at the beginning of the month just to check in and she would assure me every time that they are still working on my file and not to worry. We received a default notice in Oct. and she said not to worry because the banks are so backed up right now they will not foreclose on your house for another 6 months and that we had plenty of time to keep waiting for the IFI Principal Reduction Program to kick in.

Dec 20, 2010: We get a call from our lender to let us know that there is a Trustee's Sale Date in Jan. and that our house will be auctioned off. I call Lonica and she tells me that as of two months ago she no longer works at IFI but that she knows for a fact that they have my file. I found some numbers to IFI on the web but of course half of them are disconnected and the other half request to leave a message. If we don't come up with the money to pay back the lender, we will lose our house.

Someone on this thread said: "I blame myself" and I agree! I, too, blame myself for being so naive. Throughout my life I have had my ups and downs and the one thing I have always had faith in is: KARMA. What goes around, comes around. All the people involved in one way or another, directly or indirectly, with this scam will eventually pay for what they have done.

IFICustomer and everyone that has done business with IFI Mike Monaco, Mike will keep taking money from vunerable people as long as they keep giving it to him, because they don't do even the smallest amount of research. It makes me sick to my stomach to see how many poor souls Mike has taken advantage of in the name of God and Mike doesn't use the money wisely he spends it on foolish spoils to further dig his grave. The only way for him to be stopped is for him to be put behind bars and he may be to slimy for even that.

This is a SCAM, first the take your money, and do nothing to negotiate with your bank...meaning they spend your money at their will. In the meantime the bank continues their process while you are thinking IFI is negotiating...next thing you are in foreclosure and if you read the contract with IFI they will not return any penny if you go into foreclosure. SCAMM to the n degree...file a report against them ASAP with FBI and do a civil suit against michael monaco Lic#[protected] and the other participants of this SCAM, James Gordon Kelly, Kenneth Alan Opppeltz, Mark Dennis Caton, Truong, Eugene Calvin Cliengman...

I called Patrick couple of times and left VM and sent emails requesting for refund and there is no response from them.
Also when try to reach operator goes to VM.Are they closed or still operating ..
Any idea on how to get the payment back .I have already submitted for refund through the Attorney office 2 months back with no response ..

Call the FBI... the Feds raided IFI a couple of weeks ago and seized all of their computers and files... Register with them in case any class action suit or recovery stolen funds
Also COntact the California Department if RealEstate... they have a case pending Against Michale Monaco for fraudulent activities regarding his broker license.
I will you any everyone the best in the New Year and thank you for participating to help facilitate justice and close down a fraudulent operation.
Time for me to move on!
a
Sincerley... The Coach

He is still in business and still taking rent money from people that have signed their life I mean deed of trust so that they can now send the evil monster rent money every month only to be told in the end that Mike and IFI are a fraud.

Coach don't give up the good fight or this will go on forever unless people like you and I keep the candle lit until he actually goes down.

But I do wish you and everyone involved a very happy new year.

Thanks Coach just wanted to let you know I've read the complaints the last 3 months and really appreciate your effort and shared opinion and knowledge on these frauds. I have played role in contacting DRE as well as the FBI over a couple months ago.See I signed up for HOMR+ back in Sept 2010 " extremely distressed " over losing our home. I was ready to short sale anyway because overall I knew that being upside down on home you look at it as time to cut the loss. I got cold feet the day after I signed up, they told me it was a HUD backed program and I would receive a call from them 5 days after the transaction.Never got a call from HUD so then I made several trips for face-to-face appointments, and yes every time I got through to someone, it seems every employee/lawyer/broker blah blah is a cancer survivor I just wasn't buying it, I would not say anything to them but these words I WANT MY MONEY BACK, THE TERMS OF THE REFUND POLICY CLEARLY STATE " WITHIN 30 DAYS" I HAVE BEEN ALL OVER THIS FOR SOME TIME, I MADE NOT BE AN EXPERT BUT I KEEP GOOD RECORDS...OH AND FOR THE RECORD I DONT GIVE MY CLIENTS SOPPY EXCUSES TO MAKE A SALE...IF CANT COME THROUGH ON A DEAL MAN UP ! REFUND PEOPLES MONEY !EVEN YOUR OWN COLLEAGUE STATED TO ME THAT YOU WILL GO TO JAIL MIKE...BASICALLY AT THIS POINT I WILL CONTACT THE FBI AGAIN, AND IF ITS TRUE THAT IFI GOT RAIDED THEN THEY HAVE RECORDS OF MY FILE AND I HAVE MUCH NEEDED DOCUMENTATION TO ADD TO THE FIRE

IFI - Mike Monaco should familiarize himself with the Bernie Madoff case to see what happen to bad people. My wife has left voice messages to return our call and yet has not receive any calls from him. When we called IFI main telephone number, we get a disconnection message.

Did you call:
[protected] ext: 300 or [protected]

If you read the whole thread there is a lot of information on how to make a formal complaint, because most agencies don't do anything until they have a certain amount of people filing law suits. If you want to make Mike accountable for his actions then you need to go after him.

To all the people who got scammed. I am so sorry, I too got scammed. I was hired as a wholesale rep to send in clients from broker's offices. I am so pissed because I was so sure that this was a legit company. Mike Monaco would hold team conference calls with Scott Smith and share his soppy story of how he beat cancer and now wanted to give back to people. He told a good story and fooled me big time. I totally believed that we were doing good for all, banks, homeowners and investors win/win for all involved...The real tell tale sign for me is I never got paid for my work! When I started to complain...Scott Smith quit, and Mike Monaco never returned my calls and P. Savage says only Mike signs the checks and my check was on his desk. But I never heard from Mike even though I threatened to call the labor board and DRE and sue him for breach of contract. I have emails as proof...now I'm getting calls from clients saying they did not get results for the money they paid! I will join all complaint efforts and try to get these poor clients their refunds...but if the FBI raided Monaco's office why are the phone lines still working and why is the website still up? Does anyone know?

Because Mike is a smooth talker and most of the people he has working for him are in legal trouble in one way or another and no one want's to get in trouble. And the people sending him money I fear don't speak any English so they don't know how to investigate who they are sending money to. It seems even the reporter who was trying to stop him has given up. There needs to be someone who won't give up and put him behind bars where he belongs. Mike will keep getting away with stealing peoples money as long as they allow him to do it. But if you are serious then go for it, nail him to the wall. Just remember he is a slippery guy.

I can't believe it, he is still in business ? moworkv, you have first hand knowledge of the real Mike and got scammed by him as a rep. that was working for him. It is outrageous that he continues to prosper after all this. What else can we do ? I am willing to go on fighting, slippery guy he is and he needs to be shut down.

Heather just keep forging ahead and don't give up. Maybe call the IRS, EDD, FBI, Attorney General Kamala D. Harris, and of course the DRE. I think you have to just keep on doing it until something happens. Maybe you will be the angel that will put Mike out of business since he is always touting that he is such a holy man. When he gets to the pearly gates it will say closed to scam artists.

I have been working with Investors Finance for over 6 months now and approaching a Foreclosure date on my house. Investors Finance can not give me a closing date before Foreclosure proceedings. I contacted my bank today and they have never heard of Investors Finance and Investors Finance has not even contacted them about my Home mortgage, now I'm going to have to come up with over 6 months of payments to save my house. Please be aware of this SCAM !

Wow! I posted my experience with IFI on page two. Someone named "Flipo" kept challenging my detailed facts of this complete fraud. Now there are 9 full pages of the exact same story. Now "Flipo" is trying sell people another principle reduction scam? Here's what I know, "Flipo" was an employee of IFI. When it got too hot in the kitchen, "Flipo" bailed and now he has the balls to scam other people. Hey "Flipo" why not apologize for taking part in this scam and expose Mike Monaco? I want to personally thank "The Coach" and "Heather Molinari" for doing all of the leg work to stop this BS. Now there's a "Pedro Fernandes" putting up the same type of posts. I personally think that "Pedro Fernandes" is Mike Monaco. Hey Pedro, if you're a real person, why don't you prove it by posting a link to your Facebook, Website, or anything with some credibility? I'll tell you, because you work for IFI and you are liar. Prove me wrong. You can't because you're nothing. What's next, pushing over old ladies and stealing their wallets? Read the threads, total scam! If anyone wants to do something besides vent on this website, please contact me @ michaeles3@yahoo.com. I'm actually a real person, not a puppet for Mike Monaco. Attached is my picture in case anyone would like to challenge my existence.

By the way, the Account Executive that came to our office pushing this BS program has officially quit. He (George Hamilton) informed me that Pat Savage (his boss/Vice president) never bothered to even return his phone calls when the news covered this scam. For those of you looking for answers Pat's phone number is [protected]. He is the highest person that I could fine besides our little friend Mike Monaco.

I was calling from last 2.5 months and sending followup emails and there is no response .Could not get hold of live person.
Any other advice how to get the amount refunded.