Compare Mortgage Quotes

Refinance Rates for Today

Please enable JavaScript for the best experience.

In the mean time, check out our refinance rates!

Company Loan Type APR Est. Pmt.

Loan from Reinisch and My House Saver - Beware of frauds!!

Posted on: 15th May, 2006 10:19 pm
It's really sad to see that fraud cases in Indiana are increasing day by day. But what we can do? The only solution is to be more cautious while selecting lender.

The borrowers should look for the company license information, profiles and detail information (like surety bond etc), whether written agreement is provided or not etc.

I was reading through one such fraud case by a company in Indiana. The Reinisch and My House Saver, as it is called, is a Credit Service Organization charged for misleading borrowers with false promises.

As per the Indiana's Credit Service Organization Act and Indiana's Deceptive Consumer Sales Act, the company is charged for:
  • The organization failing to obtain a surety bond for the amount of $10,000.
  • Not able to provide a written contact to the consumers.
  • Calling itself as a broker without having proper license.
The court ordered the company to pay $3,000 as consumer compensation and $82,000 as cost and penalties.

Source: consumeraffairs.com
It sometimes becomes really difficult to ascertain who would be the right company to deal with.

your information will certainly help people make the right decision.
Posted on: 08th Aug, 2006 11:35 am
"The court ordered the company to pay $3,000 as consumer compensation and $82,000 as cost and penalties."
In my opinion penalties should be much higher like $250,000, so that they will have at the back of their minds that if somehow get caught would face really bad financial loss.

That will make them think before trying to fraud someone.

M. Morford
Posted on: 19th Jan, 2007 12:30 pm
karen got my family too she took $3000.00 of my money and told me that My home would be safe one day i was at home and the Sherrif removed my family right out of my home right under my nose ....Too bad I had no knowledge of this lawsuit I would have been there. Now the statute oif limitations are up it has been three years ago that she duped my family .I tried to get a hold of her regarding this matter and she was not to be found ...I hve no respect for what she has done and what she has done to others I hope she gets all she deserves. But still it will not be enough, all she had to do is to pay the mtg co what I owed and she did not do that I only was behind $1500.00 but she took $3000.00 from me
Posted on: 20th Mar, 2009 01:13 pm
denetia, who is karen? is this the same company that was noted in the original post by "helping user"? is this a different person or company? it helps to know who the bad guys are so we can distinguish between them and the good guys.

i feel for you in your loss.

can you provide a little more detail?
Posted on: 21st Mar, 2009 06:55 am
We thank you for your post and hope this may help others avoid this company. Denetia, please clarify whom you are referring to in your post as George said. This community is always growing and we all benefit greatly from this type of information.
Posted on: 04th May, 2009 09:24 pm
Karen Reinisch is the name of the person who duped me and my family do I stiull have a case against her... 317-833-2936
Posted on: 10th Oct, 2011 05:16 am
Hi Denetia!

Welcome to forums!

Was it some kind of a mortgage scam?

Sussane
Posted on: 10th Oct, 2011 09:48 pm
Denitia: I worked for Karen Reinisch. you owed a lot more than $1,500 to your mortgage company and the fee charged to you was $750. Why would you claim to pay $3,000 if you only owed $1,500? It does not make sense. Karen helped 100s of people and a few unhappy clients that broke their contracts and did not listen to her advice formerly complained at a time it was popular to erroneous fault with many in this type of business. Before you make slanderous remarks in the future make sure your facts are straight and don't appear to be gold digging.
Posted on: 23rd Dec, 2011 11:12 am
Karen actually saved my house. Your numbers are not correct. First that case referred to would have had to happened in 2004. She has not worked since 2005 due to a very serious car accident. The most denitia would have paid was 750.00. Karen just worked out agreements with banks for a fee, she never made mortgage payments for people. Someone may have been using her company name to scam people. Now if someone else used her company name, they could have charged some other fee. I know her case has been heard and settled long ago. Karen only tried to help when mortgage companies were riping people off. She negotiated with them and never made anyone any firm guarantees. There are many people out there who are very greatful to Karen. Unfortunately a few could not be helped and of course they are complaining loudly when most likely their situation was to far gone to be helped. Folks sometimes waited to long to be helped. I am sorry that you were burned but the Karen I know was out of business long before the dates that you mentioned.
Posted on: 23rd Dec, 2011 05:20 pm
Thank you for sharing your experience with the community members!! :)
Posted on: 28th Dec, 2011 11:51 pm
this is really scary. wonder how to spot a scam. anyone?
Posted on: 31st May, 2012 05:29 pm
Hi rijbadgett,

What type of scams are you speaking about here?
Posted on: 04th Jun, 2012 01:00 am
I also hired Karen. She has saved many many families homes. She was referred to me and im so glad. Why don't you watch American Greed & scoundrels and see what a real scam is? Not an unfortunate 3 or 4 losses for a few thousand dollars but fraudulent scames of millions and sometimes billions of people's money. It was unfortunate that she was in an accident which became the downfall of her not being able to complete only a few contracts. I heard it was a long road to recovery. Prayers are with you Karen. You have done a great service to people when banks would not help. Thank you for helping my family.
Posted on: 20th Feb, 2013 05:52 pm
Fraud is Fraud!
The Indiana Attorney General's office says Reinisch contracted with consumers, who were in danger of mortgage foreclosure, telling them that she would negotiate with the mortgage company to implement a plan that would prevent foreclosure. No plans were put in place and the consumers all lost their homes.

Source: Inside INdiana Business
Reinisch and My House Saver violated Indiana's Credit Service Organization Act and Indiana's Deceptive Consumer Sales Act by:

--Failing to obtain a surety bond in the amount of $10,000 prior to doing business as a Credit Service Organization;
--Failing to complete performance of services before receiving payments from consumers;
--Failing to provide consumers with a written contract detailing provisions of services and notice of cancellation;
--Representing she could perform services of a loan broker without obtaining the proper licensing;
--Intentionally and knowingly committing deceptive acts.

The court ordered Reinisch and My House Saver to make consumer restitution of nearly $3,000 for the fees consumers paid as well as pay more than $82,000 in costs and penalties.

Source: Office of Indiana Attorney General Steve Carter
Posted on: 14th Aug, 2013 02:03 pm
Page loaded in 0.070 seconds.