Your article states they have completed 4,000 successful loan modifications. Let's calculate that: 14 months with ~20 business days a month, that's 280 days. 4000 loan mods divided by 280 days is ~15 successful loan modifications every day for 14 months straight. Can't be done; even Parsa states a 60-day lead time. And we all know that not every loan mod is successful, right?
Up until about a month ago, Parsa Law Group had one attorney, James Parsa - so that means the loan mods were being performed by foreclosure consultants that aren't exactly "specialists" in asserted the proper defenses required to aggressively modify a loan with a financial institution that messed up in the first place.
So, we'd say that Parsa La Group would had to get 75 new loan mods clients each day for 14 months straight in order to successfully complete 15 loan mods. Umm... not likely.
Also, the confident guy you spoke about in your article is a convicted statutory rapist who was charged with 8 counts of sex with a minor and pled guilty to 2. After that he was charged with child endangerment for leavng a child under the age of 6 in a car by herself.
He holds himself out to be a mortgage litigation expert, however since 1996 he has only filed 21 lawsuits, 20 of which were personal injury automobile cases (aka ambulance chaser) and one was a legal malpractice matter.
All that glitters is not gold and Parsa Law Group (and its 14 aliases) are no exception to this rule. Be forewarned.
Your article states they have completed 4,000 successful loan modifications. Let's calculate that: 14 months with ~20 business days a month, that's 280 days. 4000 loan mods divided by 280 days is ~15 successful loan modifications every day for 14 months straight. Can't be done; even Parsa states a 60-day lead time. And we all know that not every loan mod is successful, right?
Up until about a month ago, Parsa Law Group had one attorney, James Parsa - so that means the loan mods were being performed by foreclosure consultants that aren't exactly "specialists" in asserted the proper defenses required to aggressively modify a loan with a financial institution that messed up in the first place.
So, we'd say that Parsa La Group would had to get 75 new loan mods clients each day for 14 months straight in order to successfully complete 15 loan mods. Umm... not likely.
Also, the confident guy you spoke about in your article is a convicted statutory rapist who was charged with 8 counts of sex with a minor and pled guilty to 2. After that he was charged with child endangerment for leavng a child under the age of 6 in a car by herself.
He holds himself out to be a mortgage litigation expert, however since 1996 he has only filed 21 lawsuits, 20 of which were personal injury automobile cases (aka ambulance chaser) and one was a legal malpractice matter.
All that glitters is not gold and Parsa Law Group (and its 14 aliases) are no exception to this rule. Be forewarned.
Cathy Bixby
Loan Mod Savior
Hi Cathy...
Well, I will go back to them on the numbers to get an explanation and certainly will post it here. I will also check into the "one attorney" aspect, as that's not what I saw when I was there... admittedly within the last month.
As to the number of times James Parsa has litigated a mortgage case, I'm not sure that bothers me. Very few litigation matters end up in court.
As to the last charge, could you send me what you're basing that on, assuming it's not "BadBiz Finder". If it is BadBiz Finder, no need. BadBiz Finder is a woman who has terrorized numerous companies unjustifiably and quite frankly is insane.
Parsa went to court to stop her, and just last week received a permanent injunction, was awarded a $604,000 judgement against her (not that she has a nickel, but the judgement's still there and will be enforced) and even Wordpress has been ordered to take down her blogs which they are already doing.
However, that being said, if you have anything you can source that doesn't come from someone criminally insane, I'm certainly willing to listen and attempt to get answers.
We can debate the worth of a BBB rating all we want. It apparently has some value to Mr. Parsa as he claims to have an "A" rating on many of his web pages (as recently as 6/10/09) when, in fact, the Parsa Law Group has a "D" rating. Again, I am not posting this to debate the worth of the grade but simply to point out that the Parsa Law Group is definately guilty of false advertising at least.
Don't get me started on the 4,000 mods that have supposedly been completed. It really really would be nice if this little niche in the industry would apply some best practices principles and not resort to extravagant exaggerations in order to achieve more sales. It can't just be about how many customers you can get in the door. It has to be about how they are serviced!
We can debate the worth of a BBB rating all we want. It apparently has some value to Mr. Parsa as he claims to have an "A" rating on many of his web pages (as recently as 6/10/09) when, in fact, the Parsa Law Group has a "D" rating. Again, I am not posting this to debate the worth of the grade but simply to point out that the Parsa Law Group is definately guilty of false advertising at least.
Don't get me started on the 4,000 mods that have supposedly been completed. It really really would be nice if this little niche in the industry would apply some best practices principles and not resort to extravagant exaggerations in order to achieve more sales. It can't just be about how many customers you can get in the door. It has to be about how they are serviced!
Nomarac...
I've spoken with the BBB at some length and their policy is to give all loan modification firms a 'D' rating, regardless of whether they have complaints or not. If they've missed a few, they'll find them eventually and they'll be getting a 'D'.
Your article states they have completed 4,000 successful loan modifications. Let's calculate that: 14 months with ~20 business days a month, that's 280 days. 4000 loan mods divided by 280 days is ~15 successful loan modifications every day for 14 months straight. Can't be done; even Parsa states a 60-day lead time. And we all know that not every loan mod is successful, right?
Up until about a month ago, Parsa Law Group had one attorney, James Parsa - so that means the loan mods were being performed by foreclosure consultants that aren't exactly "specialists" in asserted the proper defenses required to aggressively modify a loan with a financial institution that messed up in the first place.
So, we'd say that Parsa La Group would had to get 75 new loan mods clients each day for 14 months straight in order to successfully complete 15 loan mods. Umm... not likely.
Also, the confident guy you spoke about in your article is a convicted statutory rapist who was charged with 8 counts of sex with a minor and pled guilty to 2. After that he was charged with child endangerment for leavng a child under the age of 6 in a car by herself.
He holds himself out to be a mortgage litigation expert, however since 1996 he has only filed 21 lawsuits, 20 of which were personal injury automobile cases (aka ambulance chaser) and one was a legal malpractice matter.
All that glitters is not gold and Parsa Law Group (and its 14 aliases) are no exception to this rule. Be forewarned.
Cathy Bixby
Loan Mod Savior
Cathy... I have just been informed that you are the woman who who the court just ordered to pay $604,000 to The Parsa Law Group, in conjunction with Wordpress being ordered to take down all of your online sites because they are slanderous and untrue.
You know, I don't mind anyone coming on my comment thread to say something negative about a firm, but it has been proven that you are not credible and there is an injunction against you.
Please cease and desist from using my blog for lying about someone in violation of a court order.
I agree with you that loan modification groups serve a purpose, I just sometimes wonder if there isn't a better way. I too have been to most of the shops you speak of as well as many others and these claims that they "care" are way over exaggerated. This is business and another way to make money. Most of the offices are full of the brokers,sales staff and managers, and underwriters that gladly put their clients in the mess to start with. Most of the attorneys couldn't practice regular law (or make any money doing it) so here they are. They rarely touch any cases (as you have noted), yet they make about $300 to $500 or more per file. That means the other $3000 or so goes to the staff, overhead etc.... (Your one guy who claims they've done over 4000 is a now a millionaire btw).
I ran into a few attorney groups early on who didn't collect until the mod was finished. They were doing it the right way (they had other business and were in it for the right reasons). These are the groups you need to find and be promoting. I also believe that at this point, the price should be standardized to at most $2000. This ability to pick and choose your price (depending on how much the client will say yes too--it's like that in these groups whether you like to admit it or not), that's what's partially got the mortgage biz the bad rap it has. This "business" has become a joke (in Orange County Ca especially).
I've spoken with the BBB at some length and their policy is to give all loan modification firms a 'D' rating, regardless of whether they have complaints or not. If they've missed a few, they'll find them eventually and they'll be getting a 'D'.
Mandelman
Martin, I believe the more salient point is that Parsa continues, just checked today, to utilize web-pages that advertise an "A" rating with the BBB. That is not something I find acceptable whether or not you believe in the BBB rating system. They (Parsa) are guilty of false advertising at the very least and it doesn't do anyone in the industry any good for other members of the industry to advertise falsely.
"We strongly question the company’s reliability for reasons such as that they have failed to respond to complaints, their advertising is grossly misleading, they are not in compliance with the law’s licensing or registration requirements, their complaints contain especially serious allegations, or the company’s industry is known for its fraudulent business practices."
It's weird that they would include a BBB logo on their website when they have an "F" rating - WHY WOULD THEY DO THAT?
"We strongly question the company’s reliability for reasons such as that they have failed to respond to complaints, their advertising is grossly misleading, they are not in compliance with the law’s licensing or registration requirements, their complaints contain especially serious allegations, or the company’s industry is known for its fraudulent business practices."
It's weird that they would include a BBB logo on their website when they have an "F" rating - WHY WOULD THEY DO THAT?
Cathy Bixby... Okay, it's you again. First of all, I have received a copy of the injunction and judgement that Mr. Parsa/Parsa Law Group was granted against you for making fraudulent statements and more.
Secondly, no consumer should put any credence whatsoever into a Better Business Bureau rating, as least as far as a loan modification firm is concerned. I have personally spoken with the Better Business Bureau and for whatever reason the organization has decided to give ALL loan modification firms low ratings regardless of whether they've received complaints or not.
I've visited Parsa Law Group and gotten to know the people there. They've been very forthcoming about everything I've asked and I don't see any reasons to say negative things about them. I've spoken to James Parsa several times and am confident that he's doing a great job.
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