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Review 11/26/2010
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We hired Chris Persaud to do a loan modification for us about a year ago. He agreed to get our mortgage loan modified to a specific amount or refund our money--neither of which were done. After several months of waiting and very rare updates from Mr. Persaud, the communication stopped completely. The toll free number we were given was disconnected. The emails we sent through his website went unanswered. The only way I was able to get in touch with Mr. Persaud was to find his contact info. on the BBB website and call him directly.
I finally got in touch with Mr. Persaud after our bank sent us back a modification agreement last month. Even though the amount that the bank wanted us to pay was significantly higher than what Mr. Persaud said it would be, he wanted us to take the offer, seemingly alleviating him of his responsibility to honor his contract with us. As a matter of fact, the amount that the bank wants us to pay is only $150 less per month than we were paying before we hired Mr. Persaud. This is not what we agreed on.
I filed a complaint with the BBB on November 2, 2010. It's been almost a month and I've had no response from Mr. Persaud. This whole process has taken over a year, and we still don't have the promised results. We will probably end up losing our home over this.
I've read the other complaints about Mr. Persaud's business practices, and they all pretty much say the same thing. People were promised results, and they weren't delivered. They were promised refunds, and very few (if any) have been issued. In his rebuttals, Mr. Persaud claims he is willing to resolve everyone's problems. He also claims that he has taken action on several of his clients' situations. If this was true, why are so many of his clients still unsatisfied?
It's obvious that Mr. Persaud has made promises he didn't keep. Otherwise, there wouldn't be all these negative reviews. We just want a refund. $1250 is a lot of money to our working class family. Money we can't afford to throw away on empty promises.
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You claim Mr. Persaud never promised to modify our loan to a certain amount. Since it is clear you are not Mr. Persaud, you have no firsthand knowledge of our conversation. We can't afford to pay the amount the bank offered. We told Mr. Persaud what we could afford, and he said he would be able to get our loan modified to that amount. He didn't. Why would we pay someone to modify our loan to an amount that we still can't afford? It makes no sense. With this new 'modification', our home loan balance is now $2000 more than it was when we first bought our house, over 9 years ago. In other words, we've been paying on our house for over 9 years and have lost all the money we have put into it and have to start over again, owing MORE than we did in the beginning. You call that a good investment??
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Business's response - on 11/29/2010
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This is Christopher Persaud. Though I do feel sorry for this customer, I never promised her that I would reduce her mortgage payments by a specific amount. All our retainers state that we cannot guarantee that a client's mortgage payment will be lowered, nor can we guarantee the amount that the payment will be lowered.
This customer clearly received a loan modification, even according to her review. Within 8 months, she will save more than the $1250 that she spent on the loan modification, which is greater than a 150% annual return on her investment-Therefore, her loan modification was clearly a good investment.
As for the customer's concern about her mortgage balance, above, she should remember that 1. Her mortgage payment was lowered, and 2. Since home values vary (And have varied a lot in the past 10 years), her house may wind up being worth more than the mortgage balance in a few years. This is one of the main reasons banks are generally reluctant to grant a principal reduction.
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