Meet Grace … Listen To Her Story!

Fraud is at an all time high in the mortgage segment. Grace (not her real name) emailed me this morning. A mortgage field services firm owes her $25,000+. She hires other inspectors to perform the mortgage inspections. Grace has already paid these inspectors and she has not been paid. Her loss is about $40,000 when you add her unpaid receivables to what she has already paid out of her pocket to inspectors. The firm she works for will not return her telephone calls or answer emails. They are not sending her anymore work. The firm is counting on Grace to just walk away … and she may just walk away and be out $40,000.

Most mortgage field service representatives never even talk to an attorney. They just sent emails and leave voice messages which are never answered. I suggested that Grace take some action today and I provided information on how she could have a New York attorney send a demand letter … demanding payment. It doesn’t look like she is ready to take any legal action. The deadbeat mortgage field service almost always wins the game. It’s not because they are smart, it is because they just no nothing and doing nothing works. Most have no assets, so there is no money even when winning in court.

Most mortgage inspectors get into this situation because they don’t do any research. Most times they do not even ask for references. A lot of inspectors get into trouble hanging around the Yahoo Groups. The Yahoo Groups are home for many of the deadbeat mortgage field service firms. Craig’s List is another home for the deadbeat mortgage field service firms. The group moderators let all of the the deadbeat mortgage firms post messages in the groups they monitor. The moderators think they are helping, but they are really hurting inspectors.

This story plays out every day in the mortgage segment of the field services industry. It’s simple fraud and law enforcement will NOT help you. Police and attorney generals will tell you to file a civil suit. Learn from the mistakes which Grace made. Better yet, just avoid the mortgage segment … the home of 99% of all of the problems in the field services industry.