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Review 8/16/2010
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In June 2009 my wife & I hired Mr. Michael Franks of Orange Coast Capital to assist us in getting our home loan modified by Bank of America, specifically asking for a principle reduction. Mr. Franks told me to direct deposit a fee of $2450 directly into his bank account. Unfortunately I fell for this & immediately did so. (I have the receipt as proof). He promised to have our loan modified with a new interest rate and said he thought he would be able to get a principle reduction of at least $50,000. (Our loan is upside down at least $200,000.) He said if he wasn't able to get this accomplished, all we had to do was NOT accept the terms and he would refund our money in FULL. After continuous follow up from myself, Mr. Franks said he was able to get an interest rate reduction, with a principle reduction of $20,000. I did not think I would be able to afford my loan and told him to try to get a better principle reduction. Months went by, & I asked him over & over to see the offer in writing. Mr. Franks kept telling me he would email it to me, but never did. I followed up with him in writing many times asking for this, but he kept putting me off and never full-filled his promise. Finally, I asked for my money back on 6-16-10 because I no longer could afford my home. (I was laid off & my unemployment ran out). Now, my home is foreclosing & my pregnant wife, 2 children & I are going to be homeless. Mr. Franks told me many times the refund was in the mail, but it never came.
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