Roseville Federal Mortgage

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Author: Anonymous

http://www.dre.ca.gov/pre_news_0709.html

http://www.dre.ca.gov/pdf_docs/loanmod_drs/H5390SAC.pdf

Roseville Federal Mortgage company promised us they would negotiate a loan modification with our bank. If the negotiation was not successful, they would refund a portion of our money. I am unsure if the negotiations even took place. They took over $1500 from hundreds of people. In May the Department of Real Estate filed a Desist and Refrain Order. I received a letter in the mail from Dyrell Bevels, dated July 14th, stating staff was participating in additional training. I called Dyrell and spoke to him directly, he reassured me that the negotiations were "very close" and that he was licensed to conduct business. I then received an Email, which I have copied and pasted here:

Dear valued customer, As a result of a Cease and Desist order received by Roseville Federal Mortgage, the company no longer has the legal right nor ability to negotiate on behalf of homeowners in the state of California. Because this also concluded the ability to bring on new customers, the company is no longer solvent and will be dissolved effective immediately. Please note that all remaining clients have been transferred to participating partners for negotiating. RFM has paid out quite a few refunds and no longer has operating capital to pay out any more. Bankruptcy proceedings will begin immediately. Clients will be notified by email and written correspondence as to which partner will continue their negotiations. We wish you success in your continued fight for equity relief and apologize that RFM could not stay in business for the community. Sincerely, RFM "Please do not reply to this email as the account will no longer be monitored"

The website has this message posted:

Due to a Cease & Desist received by Roseville Federal Mortgage, we are no longer in business. RFM has transferred all clients to partners for continued negotiation and will be closing the company effective immediately.

NO "PARTNER" has contacted us. The company disappeared. Is this legal? Is our personal and financial information protected? How can this company get away with potentially taking millions of dollars?

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