What is the National Mortgage Forgiveness Plan or NFMCA?

Hi,

Does anyone know the company NFMCA?  Received an email from them, but don't know if they are legit.

Thanks,

JC Carpio

Tags: NFMCA, Question, on

Views: 351

Reply to This

Replies to This Discussion

It seems like there is a discussion on here somewhere already about this, you may want to type that into the search bar at the top.  From the name ALONE, it sounds like it is likely one of the the newest schemes of opening up a "non-profit" and buying up short sales, then reselling them to the borrower with a new loan with lower balance.  Don't let the "non-profit" thing fool you a bit...

Most will scam and scheme to get around the whole "arms length" transaction demanded by most lenders / servicers.  Sometimes they are successful, sometimes it is a huge waste of time and the borrower is the one loosing out, as they are now more delinquent than before and closer to a foreclosure in many cases.

Again, this is just a popular scheme going on around the country right now.  No clue who NFMCA really is or what they do.

Never heard of them - probably another scam!

NMFP is a service that provides marketing material to agents to market to lis pendens for short sale prospects.  THey send you a list of prospects (gleaned from the local lis pendens list) and a preprinted form letter series (4 letters designed to be sent out 1oo per week for a total of 400 mailings to your list of 100), and send you a new list every month.  There is a sign up fee plus a monthly fee and they say that as you make sales that you pay them a referral fee. Your monthly maintenance fee is deducted from your referral fee so that the program eventually pays you back for your monthly fee.  I don't remember if you pay the referral fee forever, but the scam is that you can get the same list from MMT except you get to choose who you mail it too and what zips you want to target.  You can write your own letter, and since you have to pay for the copies, the envelopes and the postage anyway, what good is it?  They do provide a website and the letters are mail merged so it does look professional.  There are also webinars to get educated on the whole process, but it's just a dressed up version of what you could do your self and for a lot less money. 

I was under the impression that they did all the mailing for me including the postage and all I had to do was handle the incoming phone calls.  Not so......

 

There are better ways and cheaper to get leads.

RSS


 _________________________

FOLLOW US!

 

Property Management Pages

Forum

Fees Banks wont pay!

Started by Anna Marie Dalbey in Rants and Raves. Last reply by Brett Goldsmith on Tuesday. 1 Reply

Asset Mangers

Started by Jack Papazian in Rants and Raves. Last reply by Mike Linkenauger Jul 9. 1 Reply

Ocwen & HUBZU

Started by Kristina Dean in General Discussion. Last reply by Ronald Egoroff Jun 19. 3 Replies

© 2014   Created by Mike Linkenauger.

Badges  |  Report an Issue  |  Terms of Service