Company takes money for loan modification but nothing changes

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MESA -- A Mesa woman says a company was supposed to help with her mortgage problem, but instead she says they took $5,000 from her and did nothing.

This company claimed it was going to "modify" her loan.

I need to emphasize that this was not a refinancing situation. It was a loan modification. There's a difference.

For a $5,000 fee, this company was supposed to negotiate a lower interest rate with her current mortgage company.

But in the end, the woman says they did nothing except take her money.

There's no doubt Ann Bond loves her Mesa home. But Bond doesn't like the loan she has and she's been getting a lot of phone calls from companies who want to get her into another mortgage.

One of the calls came from a San Diego company called Apollo Funding and Realty.

"He was a real nice man and he gave me a 100 percent guarantee that they would help me or my money back," Bond said.

For a $5,000 fee, Bond says Apollo Funding was supposed to, among other things, talk to her mortgage company and re-negotiate her interest rate to as close to 5 percent as possible.

But before they could start, Bond says Apollo Funding wanted $5,000 for its services and they wanted the money quickly.

So she overnighted it.

But that was more than four months ago and Bond says not only does she have the exact same loan, but the interest rate has not decreased.

Bond says she's received a number of e-mails from Apollo Funding telling her to be patient. In fact, Bond says one representative even tried to comfort her by writing "God bless."

Phone calls with Apollo Funding, she says, are similar.

"And he'll say, 'We're working on it. You're not the only one. There are a lot of people out here we're helping and it takes time," Bond said.

Worried about her $5,000, Bond contacted 3 On Your Side.

We discovered the address for Apollo Funding and Realty comes back to a location in San Diego.

Although we tried to contact someone at Apollo Funding and Realty several times, no one ever called us back.

However, they did call Bond and told her they were going to return her $5,000.

Bond says she couldn't be happier with what 3 On Your Side was able to do, but she is cautiously optimistic until she sees the money in her hands.

We'll see if Bond really gets her $5,000. Remember, they initially asked her to overnight the money to them. I sure wish they would overnight the money back, but we'll see.