Transcontinental Lending Group?

[jjarch]

Has anyone heard of these folks? They gave me an unsolicited call saying that they work with SPS (they hold my mortgage) and can get me a principal reduction down to the current appraised value along with a new interest rate.

I called SPS and they said they know nothing about it - which isn't much of a surprise.

There was no cost involved other than getting a current appraisal. They claimed that all other costs would be paid for directly by SPS.

It all sounds too good to be true - which usually means that it is.

Anyone have any experience with Transcontinental?

[Moe Bedard]

I never heard of them. I did a Google search and only located a bunch of mortgage websites and listings with no references to SPS or loan modifications. My guess is that this is bogus and this company or one of the loan officers obtained your information via public records.

[jjarch]

Thanks Moe. So what could be their angle? Do you think they are trying to get their hands on the original loan docs to try and do a forensic audit? And then work out a deal with SPS where they pocket some of the $$? Just can't figure out how they would hope to make any money.

[Moe Bedard]

It seems like a loan mod scam bait and switch or it may be an appraisal scheme. I have seen many loan officer / appraisers in my day and an appraisal costs approx $350. So $350 could be the angle or once they reel you in for "free" then later it costs money.