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schatt93 · Joined: 07 Mar 2010 Posts: 1 1.00 Dollars($)

Iamtrying to determine if this is a scam? I HAVE Imformation from the dept.of treasury aboutthis program(PPIP),public-private investment program.I have recieved a letter from sterling mutual in las vegas nevada about this program.Iam curious if anyone hashad success with this program here in nevada?Iam skeptical, but it sounds better than a loan modification.Would appreciate any input,is htis a safe program.

smithsussane · Posted: Sun Mar 07, 2010 8:08 pm Post subject:

Hi schatt!

Welcome to forums!

If you want a loan modification or a principal reduction, then it is better to contact your lender and negotiate with him rather than going for such programs. Depending upon your financial situation, it is your lender who would give you principal reduction. You don't have to contact service providers for this.

Feel free to ask if you've further queries.

Sussane

Guest

hey schatt i got the same thing in the mail. Did you end up trying anything?

Guest

I have been looking into this and the premise seems on the up and up. Although I have not gone further yet, I have set up an appointment with Sterling Mutual to get more info. I'd like to know if anyone has had success or failures with the PPIP principal reduction with Sterling Mutual or any other company. Thanks!

Guest

I am looking at them as well, but haven't found too much info yet. One suggetion is if you do sign up with any of these companies, pay them on a credit card. This way if it doesn't work out as they promised or go out of business, you can get your $$ back. I had delt with a company to do a loan mod for me and they did modify my 2nd but before they could finish my 1st they went out of business. With some persistant work of my own....Amex came through and gave me a full refund.

Someone has had to have worked with them.

Guest

As a former employee I have come to the conclusion that this is indeed a scam. I apologise for making the mistake of believing Leo Flangas a Las Vegas atrtorney and his partener Brian Cutright a convicted scam artist from Arizona involving fradulant credit repair. Sterling Mutual claims to be a brok er for a private Investment/mutual fund that is not one of the 9 companies selected by the U.S. Tresury Department. The AG of Nevada is currently investigating (Gregory Smith) is leading the investigation against SM.

Guest

To continue the topic from above, the AG from California is currnetly investigating SM the same scam.. It is my opinion that they emarked on this program so that they could as a bait and switch for modifications. Those people who were looking for a new answer to there mortgae issues and were behind on their payments could be switched to modifications. The PPIP program was a scam for profit. Their contract stipulated 2 items from which the company to profit from. 1, if they were denied the client would be out $1,800... 2. If the client did not fulfill their contract obligations full filling....... the contract payments ...Continued

Guest

continued 2. If the client did not fulfill their contract obligations full filling....... the contract payments of $6,000 then SM was not obligated to r-efund anything. In my opinion and as a former employee this is a scam....
-Also you can complain to the DIVISION OF LENDING & MORTGAGES 702-486-0795

Guest

many employees, who by the way do not even own a home, drink on the job and can not make a sale will often leave reviews or remarks that are untrue. they do this to try to give them some self worth. they are often convicted felons who could no longer be employeed, all i know is this company saved my home and lifemm

Guest

I'm attempting to get money back from a company called Paragon Financial in Scottsdale Arizona. The "contract" lists the name Brian Cutright. I see his name mentioned previously by a "guest" who worked for him and states he's a known "convicted scam artist". I'm wondering if I could get more information about him and his conviction so that I may pursue this creep. Thank you!

[Email address deleted as per forum rules. Thanks.]

Guest

I am aslo attemping to get my moent back from them and I have found 3 other poeple. Please email me at "kbaylor@cox.net" if you are interested in joining us in trying to get our money back from them. The Brian Cutright has now flipped his scam into the principal reduction scam and has started a company called Principal reduction Group LLC. With the new law in AZ preventing loan mod groups from charging an up front fee this will be the new scam till it runs its course.

[Email address deactivated as per forum rules. Thanks.]

Guest

A lot of us here in Phoenix have been ripped off by Paragon. They changed their name to Principal Reduction Group, all the reduction you'll see is in your bank account with no other results....besides losing your home. We have a group of 5 so far, when we get enough, we'll file a class action suit if they don't refund our money. They have several companies under many names, be careful!!! Brian Cutright is apparently the head of all these scamming places.

Good luck and hope to hear from you....Ken

[Email address deactivated as per forum rules. Thanks.]

Guest

FTC is charging brian and company with some pretty serious charges.

Read more here: ftc.gov/opa/1996/10/ncf-1.shtm

Guest

I recieved a letter from Sterling Mutual and it sounds to good to be true. A company can get you a principal reduction. I tried making appointment with Sterling Mutual to seek out infomation, but was told they are not accepting anymore clients, due to negotiation procedures have already started. I want to thank you all for your comments because I will not presume a company if theirs any negative feedback . It's better to tried your bank or mortgage company first or call US Treasury Department to find out what companies are on the approval list.

Guest

Is there a large enough body to file a suit agains this company? I would like to join this group.

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