HUD Tracer Program/JWN Financial  

I signed up for what appears to be a scam by JMW Financial Services.
Since it had the seal of the Fair Business Association and they said
they were affiliated with HUD (and sent me to a site to prove this) I thought this was a legitimate company.

The reason i am emailing so many groups (HUD, advocacy groups, Gov agonies) is that, first, it is unclear as to if this is even legal? I cannot believe that HUD would back such a SCAM? Is there no government oversight to regulate this?

In addition, the company says they are in good standing with several agencies.....

Fair Business Association of America  - (BBB complaint)
National Association of Independent Paralegal  - (FTC complaint)
Para-Link International  (FTC complaint)
US Mortgage Lenders, Inc.
Wes-State Mortgage, Inc.  - (complaint scam)
ACFA (American Cash Flow Association) - (complaint scam)
Academy of Legal Investigations

It uses the FBAA site to make it look authentic.

http://fbaa.us/companies/jmwfinancialservices.htm


I contacted the FBAA, who said they would help me get the refund. (i was still turned down)

In my opinion, the FBAA should be investigated and shut down. I list these (details) further down on the page, and go through them one by one. Some have either had problems with the BBB, or FTC.
JMW claimed that I would be working for HUD and receiving checks from the government.

Then I read this....

HUD will only pay a refund to the legal recipient -- not to the tracer. This means tracers must attempt to collect their "fees" AFTER the recipient has received the money from HUD.

http://usgovinfo.about.com/library/weekly/aa040101a.htm

I was told when I signed up there was a money back guarantee, if I did not like it for any reason. The website does not provide conditions to the refund....

http://www.jmwfinancial.com/index.asp

I did not receive 30 returned letters. I am not in control of who throws the letter in the trash, instead of properly returning it to me. I was asked to wait 90 days for the refund (which i did). In response, they told me I did not send in 30 returned letters and I would NOT be granted a refund. (Original email at bottom)

When I first joined....

They had told me that there were no more openings for New Orleans,
then 1/2 second later, said OH yes we do have one, you are lucky?
Well after receiving the CD ($98) i found out that it is not a regional
software, and anyone can access the database for the Whole USA. Then
found out I had to supply stamps and letters costing me close to $100.

I had responded to an add in the gambit newspaper in New Orleans.
read...

$250 to $500 a week

Will train you to work at home helping the US government file HUD/FHA
mortgage refunds. No exp. needed. Call 1-866-537-2907 (no longer works)

THE BBB doesn't seem to think they are legit...

JMW Financial Services contacted a local consumer with an offer to make money by locating former HUD/FHA homeowners who may have funds due them from government backed mortgages that they have paid off. The company is selling information which is available free through any state & # 65533;s unclaimed funds office. The BBB suggests using extreme caution when responding to any such offer. While the offer may claim high earnings and short hours with little or no experience, Bureau files nationwide indicated no evidence of anyone making the promised money. This company has an unsatisfactory record with the BBB.

http://www.raleigh.bbb.org/ca_Aug2004.html

To view hundreds of complaints against them, see the following...

http://www.google.com/search?hl=en&lr=&q=%22jmw+financial%22+rip+off&btnG=Search

Membership in Good Standing with the following Associations:

Fair Business Association of America
FBAA is located at 11138 W Arizona Avenue #6, Youngstown, AZ 85363, phone (877) 875-3222, web site: www.fbaa.us According to the BBB Serving Phoenix, this company has an unsatisfactory record with the BBB due to its failure to substantiate or modify advertising claim(s). It has come to that Bureau's attention that this company is soliciting its services to businesses by informing them they have unsatisfactory records with the BBB. The company offers a copy of the unsatisfactory BBB report to the business; in some cases the report is found to be expired and/or does not contain current information.

The BBB requested substantiation from the company regarding their links to other companies. The company has failed to respond to the request.

http://www.data.bbb.org/phoenix2.asp
http://fbaa.us/companies/jmwfinancialservices.htm
http://www.fbaa.us/
National Association of Independent Paralegal
(FTC Vs paralink, also called Para-Link International)
Para-Link also does business under the name, The National Association of Independent
Paralegal
FEDERAL TRADE COMMISSION,
Plaintiff, v. PARA-LINK INTERNATIONAL, INC.,
a Florida corporation,
CIVIL NO.
http://www.ftc.gov/os/2000/10/paralinkcomp.pdf

US Mortgage Lenders, Inc. http://www.ncfgnotes.com/
Wes-State Mortgage, Inc.
STATE ex rel. v. WES-STATE MORTGAGE, INC.

The Attorney General filed a lawsuit on April 16, 1998, against this Eugene, Oregon-based company for failing to comply with the credit services organizations provisions of the KCPA and for misrepresenting its services. The company entered into a Consent Judgment on March 17, 1999, and agreed to be enjoined from future violations, and pay $968 in restitution to consumers, $3,500 in civil penalties, and $3,500 in investigative fees.

http://www.accesskansas.org/ksag/Divisions/Consumer/99annualrpt.pdf

http://www.oregonandwesternwa.bbb.org/commonreport.html?bid=50002761

http://www.debt-loans-portal.com/loan_broker_fraud.htm

ACFA (American Cash Flow Association)

http://www.crimes-ofpersuasion.com/Crimes/InPerson/MajorPerson/american_cash_flow.htm

http://www.papersourceonline.com/newswk.htm
and see how many people this company has defrauded.

Also, this release came out November 30, 2004
Treasurer Kennedy Issues Consumer Alert
Beware of Companies Charging Fees to Locate Unclaimed Property FOR IMMEDIATE RELEASE

http://www.treasury.state.la.us/newsroom/pressreleasescurrent/PR11302004.html

John Chin, a refund administrator for HUD, said the number of successful tracings by people like Morgan, who enrolled in the program but was unable to locate many of the people on the list she was given, have declined by more than 80 percent.

"They're not going to find many homeowners who are owed refunds," Chin said. "They're probably not going to find anybody because the list is picked over."

HUD officials say if the agency owes someone a refund and can't find the person, their own set of federally sanctioned tracers will eventually do the job for free.

Brian Noyes is a regional director for the US Department of Housing and Urban Development, the federal agency that tracers hired by JMW are supposed to be assisting. Noyes suspects few tracers succeed, and he's not sure officials at JMW care. "Their genuine interest is how many people will buy this $98 package that they're trying to sell," he said. The company offers a 90-day money-back guarantee to dissatisfied customers. Wright said 25 percent of those who enroll in the plan and then decide to request a refund receive it. Officials at the Better Business Bureau said they have compiled a lengthy file of complaints about JMW. "They have an unsatisfactory record due to a pattern of complaints," said Carrie Morgan, a bureau vice president. "Virtually no people get the money that they're promised in this type of scheme."

http://www.wsbtv.com/money/2851950/detail.html
also seen here...

HUD 'Tracer' Business? Watch Out!
Tracing doesn't pay and often leads to fraud
http://usgovinfo.about.com/library/weekly/aa040101a.htm

I sent back the CD_ROM which cost me $98.00 with a note, my name and phone number and request for a refund. I have not heard back from them. I have trouble understanding how the FBAA and HUD/FHA can back such a track record?

JMW Financial Service

JMW Financial Service claims that you can make $250 -- $500 weekly processing HUD/FHA refunds from home. And they give you a 90 day money back deal.

What a lie! First it costs $98 to get this program disk. Then you have to find these people that they don't even give a list of but redirect you to HUD's web site. then there's the money for paper, envelopes and stamps. I did this mailing out 30 letters per week for 2 months and got nothing back. Later I found out that though being a tracer isn't illegal anyone that is due the refunds can file for them for free though HUD. When I tried to get a refund on the $98 at least they told me to that I couldn't get it until I had proof that I mailed all these letters for the full 90 days and sent them at least 20 returned letters. A friend of mine was trying to do this at the same time and she got the same thing. So I checked with the BBB and even they say DON'T DO IT!!!