Principal Reduction Scam review: Principal Reduction Scam 118

Be on the lookout for Earth Financial Services. www.earthfinancialservices.com. Looks like they could be Atlantic Mutual's new name. I contacted Atalntic Mutual a few days ago and left a message. I got a call back from Richard Mowels and he said he was with Atlantic Mutual. I posed as an interested party and had him email me information. His return email was to an earthfinancialservice.com address. They have completely changed their approach and sales pitch with regard to how the can reduce your principal.

Here is as copy of the email I received.:

Thank you for taking the time to speak with me today. Here is some more info on how our program works:

Recently foreclosure freezes from major lenders have revealed the existence of “paperwork problems” through and industry service called the Mortgage Electronic Registration Systems (MERS). These “problems” with MERS have resulted in the discovery that clear line of title on over 62 million homes across America has been illegally broken involving properties between 2003 and 2008. Without clear line of title, the servicers and banks lack the proper legal backing to collect on the mortgages that they service.

This problem arose due to the fact that among other things, MERS has been used as the primary agent for maintaining the paperwork for the banks and servicers, however, MERS failed to maintain the original, and legally necessary, paperwork. Your title may no longer exist!

Why is this important? Because if they cannot produce what they do not have, they are in violation of the law, which puts you in a very good position.

Our solution: Principal Reduction

At Earth Financial, we believe the ultimate solution to the current housing crisis is Principal Reduction. When a homeowner has their principal reduced to an amount, a sustainable solution is created for both the homeowner and the lender.

Why haven’t we been seeing more and more Principal Reductions? The simple answer: leverage. Without leverage, a homeowner has little chance of seeing a meaningful change of their terms. A bank simply does not have the incentive to reduce a homeowners principal, particularly if they have been paying on time. Earth Financial will provide you with a big stick to do the talking.

Anyone who has tried to work with their own banks knows well that it is virtually impossible to get your bank to cooperate. That is where we come in. Our Principal Reduction Program is handled by a team of legal experts, mitigation specialists and financial professionals have years of experience and developed relationships throughout the banking and servicing industry. You wouldn't go to court without representation would you? Well the same applies to your bank; we provide all the help you will need to navigate your banks maze of roadblocks, and our experts will get the results that you cannot get on your own.

What happens once the note issue is resolved?

Once we have determined that your lender is not fully compliant with all state and federal guidelines because your lender cannot produce everything that is requested, we can then enter the mitigation process by developing a fully prepared package of strategy, evidence, and exhibits to utilize the leverage that we acquired during our note recovery process. The solution we seek is simple: in exchange for you re-affirming your debt, they agree to a Principal Reduction. The key goal is not only Principal Reduction, but a sustainable situation as well.

The key to our Principal Reduction Program the whole process: the idea is that these correspondences are crafted in such a way that they build a paper trail and complete file demonstrating clearly and unequivocally your lender's consistent irresponsibility, potentially fraudulent practices and blatant unwillingness to work with you to find a common solution.

I look forward to speaking with you soon!

Website www.earthfinancialservices.com

Cordially,

Rich Mowles
Earth Financial Services
[protected]

Hello all,

To those of you who, like me, got taken by Atlantic Mutual here is a recent email I received from them.

Hello,

Due to recent market events, the Atlantic Mutual Principal Reduction Program cannot be continued as originally planned. During our attempt to target and purchase the relevant securities involved with your home loan (as well as others), we uncovered massive amounts of fraud that created an environment that makes it legally impossible to purchase these securities, as none of the original documents or notes were conveyed correctly. You will find several links to websites below that can factually back up these allegations.

However, we still intend to proceed forward on behalf of our clients to petition your lender to grant a principal reduction based on their negligent and fraudulent behavior and actions, and have contracted and created a method to pursue the reduction in this matter.
As you can imagine, this has created a difficult situation for all those involved that have been acting legally and responsibly. Accordingly, we have come to the decision that the most appropriate response is to first contact each and every one of our clients in order to discuss these changes personally. We have further decided that it would be best that our managing partner and legal counsel Brooke Errett to field these calls personally.

As you can imagine, one person making all of these calls will take some time, so we implore you to be patient as we will be getting to everyone systematically within the next few weeks. In the meantime, in order to avoid a massive build up of messages and calls, we further ask that all inquiries before you are contacted directly from Ms. Errett or are called to make an appointment be communicated to clientsupport@atlantic-mutual.com.
We know that many of you have been trying to call and have encountered difficulty getting a hold of someone. Unfortunately, crafting a solution for our clients as well as pursuing legal remedies for Atlantic Mutual has delayed our responses, which is why we wish to arrange a phone appointment for each and every one of our clients.

Despite these recent events, it is Atlantic Mutual’s intent to make every single one of our clients whole, we simply ask for a few weeks of patience while we contact everyone.

Thanks you for your understanding.

http://www.dailykos.com/story/2010/2/23/0022/17140

http://market-ticker.org/akcs-www?singlepost=2196166

To all concerned parties,

1. If you are an existing client of Atlantic Mutual, you will be getting a call from me in the near future. As I've been spending 30 minutes to an hour with each client, it is taking some time. If you want to e-mail me at brooke@atlantic-mutual.com, I will get in touch with you sooner rather than later.

2. Contrary to some statements on this board, Earth Financial Services is NOT Atlantic Mutual LLC by a new name. Several previous Atlantic Mutual employees (including my business partner) started Earth Financial Services to offer alternative services when I released the information regarding the effectual collapse of our program due to the mortgage backed security mess and investigation. Atlantic Mutual and Earth are not the same entity; I am in no way related to Earth Financial. I encourage you to look up both entities on sunbiz.org.

3. Atlantic Mutual is not accepting clients and has not been doing so for 2 months now; at no point will Atlantic Mutual be accepting further clients. Since I had to end our program in October with the revelations regarding the mortgage fraud mess, I am personally working with the existing Atlantic Mutual clients to resolve all outstanding matters as pertains to those clients. If you have any questions regarding Atlantic Mutual, please direct them to me via e-mail.

4. If any program at this point is offering to reduce your principal based on the P-PIP or purchasing MBSs, they are doing so in bad faith, as the information revealed during the October Foreclosure Freeze has negated the possibility of such programs working until the federal government has finished its investigation into RMBSs securitized between [protected].

As always, if you have any questions, please contact me at brooke@atlantic-mutual.com, and I will get back to you ASAP.

Best,
Brooke Errett

Moose72,

I have returned your e-mails, but gotten no response to those contacts. As I explained to you, I was unaware that your refund had not been immediately processed as it was supposed to be. Unfortunately, I was in New York working on the program and relied on my office, perhaps in bad faith, to process the refund that I approved.

My apologies for the confusion. If you return my contacts, then we could discuss what we are doing moving forward.

Best,
Brooke Errett

Taken by Atlantic Mutual,

I am not sure which of our clients you are, but it appears that you misunderstand our original program. If you contact me at brooke@atlantic-mutual.com, I will be happy to explain any questions that you still may have.

I was not aware that our website was still up. I will be taking it down shortly.

As for moving forward, we will be submitting refunds for all of our clients. You will be getting the paperwork shortly. I cannot move forward with any further programming as I originally intended, because I would be doing it on my own accord and was legally advised that I should not do so. I was merely trying to offer a possible alternative on my own accord, because I feel bad that so many people have been put in bad situations because of what amounts to bank fraud.

Atlantic Mutual is no longer in business and has not been accepting clients for two months now. I understand how upsetting the situation is, and that is why I am contacting all of our clients individually. I am trying my best to do the right thing in this matter, instead of disappearing as all those fraudulent companies have. I have made myself available to everyone.

Please contact me if you have questions. Attacks at me personally are unwarranted, as I have been the only person in this industry acting with integrity. No one would even know my name if I hadn't put it out there because I operate transparently.

Best,
Brooke Errett

ATTN: Atlantic Mutual Clients

DO NOT MAIL the refund request to the address on the request form. It will only make its way back to you from the postal services saying "Not at address". I would scan it as a pdf file and email the filled out form to Brooke and copy the client support address. The statement below is from the letter to clients we received on 12-9-10. If they require us to mail the original copy in then they need to give us the correct or new address so they receive it.

Please scan and submit all requests to clientsupport@atlantic-mutual.com prior to January 1, 2011.

Best,
Brooke Errett
[protected]
brooke@atlantic-mutual.com

Brian Correa
[protected]
brian@atlantic-mutual.com

i'm a real estate agent in california and all i could tell you people is there is no principal reduction at all .
save your money and contact your mortgage holder to see if there's a program they have for PR.

I'm a real estate agent in the bay area california and all i could tell you is there is no principal reduction at all and no lawyer or broker could negotiate a PR reduction all you have to do is contact your mortgage holder and see if there is any program they have regarding PR.

We got scammed by Atlantic Mutual and no matter what Brooke says, it is a fraudulent company. She might not have known it at the time, but she certainly knows it now. We paid the $995 in May and were told in October that everything was going great with our PRP; we would have a new loan in time for Christmas. November 30th we got an email stating that they could no longer do PRPs. We submitted our refund request and it was returned to sender, addressee had moved. We cannot get in touch with a live person on their line and no one returns emails. This sucks!

STAY AWAY FROM VISION OF FAITH MARISSA CUA OF ANTIOCH CA AND JESS LIM OF LANCASTER (NOAH OR HPG|) AND PHILLIP DIEP ARE IN CAHOOTS .. THEY ARE OUT THERE TO SCAMM YOU PEOPLE BEWAR E STAY AWAY FROM VISION OF FAITH

ATTN: Atlantic Mutual clients

I received an email from Brooke about the NEW address to send in the refund request, see below. I also sent in my refund via email and asked twice for a comfirmation and Brooke even said she would double check her email and acknowledge my request. Guess what, never heard from her. Time will tell if we get our money back but I hope people find this site before they get taken again by their new company, Earth Financial Services. On this website they do not list an office address, wonder why?

The correct address is: Atlantic Mutual, LLC, P.O. Box 311, Indian Rocks Beach, FL 33785

Brooke this is Ray Yount at 1326 byron drive clearwater fl. 33756. I haven"t heard back from you. I faxed the form you emailed to me. I faxed it back to you in dec. to [protected]. I just sent it back to you again. call me at [protected] and let me know if you got it.
thanks, Ray

I personally have not heard from anyone from Atlantic Mutual. How do you take someones hard earned money and promise all these things and just walk away without any acknowlegdement. We didn't get a letter, call, or anything? If she says she is the legitimate businees person she is, she would make this right. How are some people getting an address and refund information and we get nothing. ksteve31 please answer, because I wonder how you are getting communication and others haven't. Who are you communicating with and how? I am furious!

1teachone, I was communicating with Brooke via her email address, brooke@atlantic-mutual.com. I have provided contact info below. They sent out an email on Dec 9th 2010 with an explanation of why the P-PIP program will not work and how to request a refund. The deadline was 1-1-11 but I'm not sure that anyone will get a refund. If anyone mailed the refund form to the address on the refund form, it was returned to sender. This is why I emailed it to her. Brooke said she accidentally kept the old office address on the form, kind of a big mistake when talking about 100's of refund requests.

Please scan and submit all requests to clientsupport@atlantic-mutual.com prior to January 1, 2011.

Best,
Brooke Errett
[protected]
brooke@atlantic-mutual.com

Brian Correa
[protected]
brian@atlantic-mutual.com

We should band together and go to the DA to see if we can have them locked up for fraud.

Anybody know anything about Addvent Funding, LLC in Tampa, Fl. Considering their program which is similar to the other programs mentioned in that they want $4500 up front plus don't have any prior success stories. Possible applicant with multiple properties.

We met with a group in Scottsdale, AZ called Principal Reduction Group, LLC. They made all the right statements to get our attention. We are now trying to decide how to proceed. They offer a 30 day money back, but want $6000 up front, or $3000 now then 2 payments of $1500 over the next two months. They sound like a wonderful group, but we are worried that it is too good to be true. I have read all the above comments and now I'm very worried that PRG is not the real thing. Before we get any further has anyone ever heard of them? We met with George Bobb at 17200 N Perimeter Dr. The manager of the company is Brian Cutwright. Their website is www.principalreductiongrp.com
Any info would be helpful.
My response to KA / These guys are crooks and you will be ripped off. They are the same people that ran Paragon Financial Group and screwed 1000's of people out of there much needed money to save their homes. It is horrible what they did and are stil doing ! We are getting with the Attorney General here soon in the next few days to file a class action law suit with many signatures as they have promised refunds with zero results. NEVER EVER PAY ANY MONEY UP FRONT, EVER!
Jeff in Glendale, AZ.

To the regretful investor and the guy in AZ. I wouldn't waste your money and to think these people are trying to get $6000 upfront. Please save your money! I don't know their sales pitch but after trying myself since June 2010, I have not heard of 1 principal reduction success story. I too had the money back guarantee with another FL company that charged $995 upfront guess what they went belly up because the P-PIP program is dead and who knows if we will get a refund. The only safe way to get a reduction is working with the bank. Try a FHA Short Refinance. I'm waiting to hear from my bank and hopefully I will be able to share some good news. I wish I would have found this site before I wasted my money. Best of luck!

Atlantic Mutual customers. I have posted this same comment on another thread. If someone is willing to lead the effort in getting our refunds back, please start a facebook group in which we can all join and act as one in getting our money back. That way we can contact the Attorney General or file a class action law suit with huge numbers for support.

Don't worry about asking the bank for a FHA Short Refinance, none of them are participating. Why create the program in the 1st place.

I just submitted a consumer complaint with the Florida Division of Consumer Services, and I highly recommend you do the same. Their website is http://www.800helpfla.com/complnt.html. Maybe if enough of us submit complaints about Atlantic Mutual, LLC, we can get Consumer Services to go after them and retrieve our refunds. Don't just be a bystander. Fight for what's right!

I just submitted my complaint to the Florida Division of Consumer Services. Thank you 'Just refund the money' for providing the website.
If enough of us complain, maybe the Florida Division of Consumer Services will step in to help us.
Any other suggestions/ideas will be much appreciated.

Regarding Addvent Funding LLC of Tampa Florida all you need to do is go to
www.sunbiz.org and put in Company, you will find the CEO and President under report under document images FEI#. Then when you check the FL.
Dept. of Finance at www.flofr.com. put in names of Company and owners.
This research will anwser all of your questions and is public information.

Does anyone have the original email from Atlantic Mutual that was sent out on December 9th 2010 that had the refund request form along with the RESPA audit letter and information explaining that the program will no longer continue? If so could someone please email it to me at kmsteve31@yahoo.com. I would greatly appreciate it! I have also filed a complaint but for some reason I do not have this email and I would like it for documentation. I emailed Brooke in January for a status on the refunds and never got a response.

ksteve31... I just e-mailed you the letter

Same Here - I responded to the refund email they sent. I have not received anything back yet. I also sent certified mail to the office. The Post Office returned the mail and said they were no longer there. Looks like they picked up and moved on to another scam. I should have listen to my gut feeling. You know what they say. "when its sound to good to be true, walk away." I doubt this is the first time they pulled this [censored]. I just hope we don't become victims of identify theft with all the information they have.

Here's an update. I just received a letter from the the Florida Division of Consumer Services. They have forwarded my complaint to the Florida Office of Financial Regulation. You can submit your complaint directly to them at http://www.flofr.com/Finance/CompFormDownload.htm. If enough us submit a complaint about Atlantic Mutual, then maybe we can get some movement on receiving our refund. Dont't just talk about it, be about it!

I was victimized as well by this stupid company! They still have to return my $1500 deposit. How do we go forward with a class action lawsuit with this company?

Has anyone heard of Goldenkey Financial or Qubelink? I have been dealing with several people such as Orlando Vera, Daniel Hernandez, Dante Lamadrid, Fabian Ramirez, Alex Munoz and the list goes on. I am collecting all the data I can and researching everyone involved because I think I am being scammed. If anyone has heard of these people please contact me because I am putting my case together and I need as much as I can get along with witnesses and victims. There is strength in numbers.

GoldenKey Financial at 255 E Broadway Glendale, Ca and Qubelink of the same address
GoldenKey Financial or Chase Real Estate Development at 7801 telegraph rd Montebello, ca

I also believe they are using several various persons from other organizations such as Gary Jones an Attorney with www.universallegalnetwork.com
Leo Delgado and Nevine Carmell who are also affiliated with Universal Legal Network.

Samuel Torres of Miracorp Properties in Santa Ana, Ca.

Michael Tucker Paralegal from APS

If any of these names or businesses sound familiar or you have dealt with them please contact me. willystyle1970@yahoo.com

Thanks, Wayne

I forgot to add Ricardo Ligad, Rose Ann Paras, First Option Loan Modification and Sky Financial. I have reason to believe that this scam is much larger than people may want to believe.

Has anyone ever heard of Prudent Funding? They state their 795 dollar fee is for appraisal...

Tetty
My strong advise to you would be to not get involved with any company that is even remotely offering a Principal Reduction Program. First of all an appraisal does not cost 795.00 and secondly i do not know what kind of ### Story these guys are operating with but be assured there is NO SUCH THING as a principal reduction done through these scammers or any others. The lone exception being the lender that your home loan is held by being graceful enough to reduce the principal balance.Believe me when i say that this seldom happens as most lenders and the investors that hold the note will not play that game as they would rather foreclose or possibly OK a short sale in lieu of a principal reduction. There have been way to many Guardian Group Scams type groups out there that are still to my amazement trying to propliferate their scam on unsuspecting people trying to get relief from there under water mortgage and that is just wrong. Keep in mind that one of the originators of this scam Bryan Prehoda and Luis Belevan are getting ready to go to jail and see Big Bubba and company. These two dirtbags are being sentenced on January 9th 2012 for the Guardian Group scam and i know for sure there are many victims of these POS scammers that are hoping for a long sentence.

WELL FINALLY----GOOD NEWS!
For all of those affected by the loser's at the Guardian Group who scammed thousands of people of millions of dollars. The time has finally come to pay for their dasterdly deeds. On monday February 27th Luis Belevan one of the principal owners of this scam operation was sentenced in federal court to 5 yrs in prison effective immediately. Next up to be sentenced is the scam king of all scam artist Mr Bryan Prehoda that told more BS stories than anyone and hopefully he will receive the same when his sentencing comes up on March 12th. Both of these lowlifes were ordered to pay approx 2.75 million in restitution to the victims of this company. It remains to be seen how much of that actually is recovered and returned to those that paid them the fee they charged.
Hopefully this will finally bring some closure to all those that were ripped off by these two worthless pieces of ###!

I have been following the loan mod - principal reduction programs and scams since mid 2009 and have just recently found a provider that is doing things properly. They have a recognized non-profit division providing counseling AND a loan modification via attorney program with NO upfront fee or cost until the lender has agreed to a modification acceptable to the homeowners. After test marketing thoroughly, they have launched nationally in January and because I have a web presence in the "principal reduction" keyword searchable arena, I was contacted and will be a registered agent soon. The parent company is in the INC 500 and there is no doubt as their legitimacy. Anyone interested as a client or representative may contact Bruce Lee Inman and The Inman Team, Inc for information.

You gotta be frickin kiddin me! anyone that gets involved in this is going in the wrong direction as the FBI and others are watching these operations very closley and will be coming down hard on anyone involved. If you are stupid enouggh to get involved in this feel freee to do so and eventually you will pay the price if it all collapses and belive me it will. THER IS NO SUCH THING AS PRINCIPAL REDUCTION AND MODIFICATION unless each borrower deals directly with the prospective lender.

press release from CPAC (a legal service group somewhat similar to the service I represent) http://www.marketwatch.com/story/homeowner-rejected-for-free-loan-modification-wins-250000-principal-reduction-after-hiring-cpac-de-to-sue-for-bank-fraud-and-lender-abuse-2012-03-06 On 02/09/2012, CPAC (DE) secured a settlement that Mr. Carillo wasn't expecting. His $577, 272.00 mortgage that had a variable payment of $4, 516 was permanently lowered down to $1, 481.51 at 2% for the life of the loan. As an added bonus, his final Loan Balance will only be $287, 150.01 -- a Permanent Principal Balance Reduction of $ 249, 522.31. >> loan mod and principal reductions happen when competent attorneys represent homeowners -- help IS available

You will never hear back from Brook and this is 2012. It was a scam from the beginning.

First of all NONE of you know Brooke Errett the person. Brooke attended Christian School for 6 years then attended an International Baccalaureate program, graduated with honors winning 3 scholarships to college. She was a model student throughout school, loved by her teachers and peers. She never stayed out late, got in trouble or disobeyed authority figures. She volunteered with Hospice and her youth group at church. She is the least materialistic person you will ever meet. After college graduation she put herself through law school while maintaining a 40 hour a week job for the NYC Law Dept., working directly on the 9/11 case. She was trusted to go into Archives and read and repeatedly listen to rescue workers while they were dying on the recordings. She spent 6 weeks in the jungles of Nicaragua with a human rights organization interviewing the victims of spousal abuse. When Brooke started Atlantic Mutual with Brian Correa she was very excited that she could have a career that could help people with their struggles in keeping their homes. Brooke researched the program intensely and felt what she had learned would benefit everyone. She lived at home with us, her parents for the 1st 6 months and every penny was spent developing the company. When the company felled, she did what she felt was the right thing, inform the clients. For all of your information, Brooke did not prosper from any of this. She has had to live at home in order to pay her law school loan and survive. This incident prevented her from getting her licensing, prevented her from getting a good job, prevented her from having a life! She is the most moral human being any of you could ever have the privilege to know. She is honest and true and a devoted daughter, friend and citizen. All of you put yourselves in the position of over extending yourselves. Not one of your lives were ruined and you were losing your homes before she tried to help you. She did not benefit in any way. My husband and I have been married for 42 years and have lived in the same house for 37. It is more than likely way below the level of living most of you have. Brooke's younger brother suffered with Crohns disease since he was 8 years old and Brooke was a devoted sister to her brother. He suffered greatly with many hospital stays and surgeries. Her life was never an indulgent one. You want her to suffer? I ask you, would you condemn the life of a good person you don't even know and call yourselves righteous?! Shame on all of you! You will answer one day for this injustice to an authority much greater than all of us! No one could ever persuade me to bear false witness and destroy another humans life. I am proud of my daughter Brooke, and if she suffers the injustice of being punished for something she did not do then I will stand behind her and love her. Brooke believes in God and her country and is a true Samaritan. She has been punished for 4 years already, will vengeance make you happy? If so, you are way worse than your accusations of her.
Donna Errett, mother