Has Anyone With Rental Properties had Success Getting Loan Mods through Paiva and Associates?

[caroline]

To Anyone and Everyone who Cares,

I hired Gregory Paiva and Associates back in May to modify 6 properties, including my personal home, after I was contacted by one of their representatives. They told me they have a 90% success rate, and told me they had recently helped another person who had 10 properties get them modified. I was charged roughly $1000 per property. They did a "forensic analysis" on the properties and found that 4 of the 6 had lender violations. However, as of today, they have not gotten one property modified yet. I just stopped paying on all of them last month (because I am now out of money and two are vacant), and they told me that would help them be able to put more pressure on the lenders now that they will not be getting paid. I asked them why they did not tell me to do that back in May, but they said they could not advise me to do that....but, here I am on the 2nd month of not paying, and still no results. What's even worse is that I have to hound them for updates and answers. I have asked them what their plan is from the beginning, but have not gotten any concrete answers--they say each lender is different. In the last two weeks, I have sent two emails asking for an update, and now my emails are not even getting answered. I also met a lady last Thursday, quite by chance, and she had contracted with Paiva and Assoc. to loan mod 10 properties. She, too, has had no results since May, and now they do not return her calls either.

Can anyone tell me if they have had success through Paiva and Associates getting results? Or have you gotten results with anyone else? I am growing desperate and very scared. I placed my trust in Paiva and Associates (and my last financial resources), and 5 months later, I am no closer to a loan mod on any of the 6 properties!

I hope I am wrong about what is or isn't going on, and they will get my loan mods done, but at this point I am losing all faith. Please reply if you care! Thanks.

[Moe Bedard]

caroline,

Can you please tell me who it is that is working on your properties out of that office?

[caroline]

A young guy by the name of Raymond took my initial information and then all of my loan docs, but I haven't spoken with him for a long time. I spoke with Mr. Paiva once for a few minutes as he was out the door leaving for vacation. From loansafe, Katy and Andrew have been working on my files, and I've spoken with James a couple of times. But other than those people, I haven't really had any news. And as I mentioned, I still don't know what their plan is. It's been a very frustrating experience. I am really feeling like no one is doing anything, or if they are, I have no idea what's going on.

[Moe Bedard]

caroline,

I wanted to let you know that I have forwarded this information to the manager of that office so that he can follow up to see what is happening on your files.

[caroline]

***,

Can you comment on if this is normal and how things should proceed?

[Moe Bedard]

If you have 6 properties being worked on, and if they have firsts and seconds on each, which all would have different investors on each loan, ............that could be what is taking a while.........I just had my principle residence with Chase and only one loan on that and it took me 5 months just to get that one property modified. The timeframe would be normal considering the volume of properties.............but I have forwarded this info and your concerns to the manager to look into your file.

[Scott Hazlett]

Caroline,

Hello, My name is Scott and I am the manager of the Law Office. I would like to speak with you in person about your situation and see what we can do to help resolve your concerns. Please email or call me today.
Thanks and I look forward to speaking with you.

[Solonz]

Hi Caroline,

I too have several rental properties and contacted Pavia and Associates to discuss my options. Based on my conversation with them earlier, It sounded hopeful that I can get something done. Have you made any progress on modifying your loans since your last post? All my loans including my primary residence, 1st and 2nd positions, are with CountryWide, what about you who is your lender?

Thanks,
Solon

[Moe Bedard]

Please do not post personal contact info on the forum....................


Caroline.........were you able to speak with Scott?

[yeswecan]

Caroline,

Curious, what happened?

[caroline]

The good news is that they gave me money back because they weren't able to get the work done. The bad news is that it took me 6 months to find out they couldn't do it. Now I'm in foreclosure on them all.

[Solonz]

ouch.. Any specific reason they gave you as to WHY they couldn't get it done?? I hope you're able to find a way out of this, maybe even hire a local lawyer with experience. Or, check out the BBB.org site and put a search for "Loan Modification" and sort the list by Reliability rating. AAA being the best ofcourse and so on. I have to believe there is a way to work with the bank, seeing that they're all overwhelmed and can't handle more properties... My wife and I are working with Loansafe too on 5 rental properties. We're hoping that they can do what they say they can. But, I've looked up back up options just in case.

Solon

[yeswecan]

Caroline, that is truly horrifying! Ditto, any reason WHY?

Solon, What's your experience been and what are your back up options??

Our lender that we are in foreclosure with is Aurora and are NOT working with us at all. The duplex is upside down 150k, rents not covering mtg, we want to keep it and they won't modify our loan. Rather lose the 150k I guess.

[Moe Bedard]

Aurora is just a servicer.............it is the investor on your loan that is not willing to work with your loan.............a third party would still have to get approval from the same investor that is denying to modify your loan.............and even with hiring a third party......they are very clear when they explain to you that there are no guarantees that you will get an approval by using them.

[Solonz]

You know, I'd reccomend you try Loansafe Solutions first and see what happens. I'm working with Chris x266 there. Call him and let him know you heard good things about them from here, etc. Their honest people, so you don't have to worry. I still want to know why Caroline had such problems getting it done. The backup options I have are finding others who may have a different angle that is successful in working with the banks. But, like I said, you need to exhaust all paths, first by starting with Loansafe. You're collecting rents now without paying the bank, use some of that money to try and modify with Loansafe first. Nothing to lose when you think about it. If it doesn't work, they'll refund you and you go through the BBB to find other similar firms, and interview them all. Hit them with MANY questions to get to the best, reputable people to help you out.

Also, be sure you have an excellent accountant, if he's expensive and good, he's worth every penny. Have him list you as a "Real Estate Professional" on tax filings. I think you may have to own a certain amount of property to do this, but check with him/her. I think if you own enough RE, you can get off easier on the IRS 1099 liability from either foreclosure or short sale from the deficiency amount. If you're upside down $145k, you don't want to have a big bill waiting for you to pay the IRS after. It's one problem to avoid the bank getting the difference from you in a deficiency judgment, and a completely different problem when the IRS comes knocking on your door for the forgiven debt amount..



Solon

[yeswecan]

Solon,

Thanks for the tax advice. Surely don't want the IRS knocking on the door. That would about put me over the edge. I doubt we own "enough" RE since its only 2 duplexes that we are talking about here. I'm going to work with Loansafe. I really wanted a ringing endorsement and I suppose I have to go with, there's nothing to lose. That works too.


Thanks again.