Has anyone ever heard of Mountain Ridge Mortgage?

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I want to know if anyone has ever heard of a mortgage company called Mountain Ridge Mortgage out of Phoenix,AZ. They are offering me a loan but I am not sure if they are a legit company or fraud.

I was reading an article on a news site where a blogger put this, “Here in Phoenix the banks are selling the loans at $ .40 on the dollar. The investors then reduce the principal on the loan and the home owner stays in the house with a good loan. The investor makes a 50% return on their money in 90 days and does it again.” I would like to be able to do this to help homeowners in distress as well as make some cash, does anyone know how I can get started. Thanks

5 Comments
  1. Reply
    max j
    January 21, 2011 at 6:28 pm

    nope…

  2. Reply
    Ask Me Anything
    January 21, 2011 at 7:07 pm

    Anyone who contacts YOU should be viewed as an ambulance chaser and basically will ask you for a fee up front before they even get you a loan.

    I am assuming this is for a modification? Forgive me if I am wrong.

  3. Reply
    the tax lady
    January 21, 2011 at 7:53 pm

    The blogger is blurring the lines…and in my opinion, LYING.

    In the normal scheme of things, the homeowner cannot make payments, house goes into foreclosure, they lose house to bank, have to move out and the bank dumps the house for whatever they can get. An investor would buy the house, not the loan, and rent it out.

    In this writeup, the poster is claiming the bank is letting the loan go for 40%–which would be highly unusual as most banks do not own the loans anymore. If they did own the loan, the bank could reduce the principal directly to the borrower and not need to involve an investor.

    Besides, the last sentence claims to make a 50% return in 90 days.

    Uh, right. Who would the investor sell the loan for 70% of the loan value at 90 days and magically get this profit? No one. If they keep the loan and the buyer continues to pay, their return would be 10% and the money would still be tied up.

  4. Reply
    fakehuskie
    January 21, 2011 at 8:42 pm

    Its a scam, best to not get invovled.

  5. Reply
    acermill
    January 21, 2011 at 9:37 pm

    Doesn’t happen. Tax Lady has it right on the line. There ain’t no free cup of coffee. The blogger is looking for sucker investors.

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