Over the past few years, Law Enforcement Today has reported on entities that claim to support veteran and emergency responders, but don’t follow through.
The reality is that not all groups making those claims are who they say they are. At the end of the day, their aim is to take advantage of the members of those communities.
Thankfully, we partner with groups like Veteran Mortgage Solutions, who do exactly what they promise to do, which is to serve those who served this nation so honorably.
Sadly, you cannot surf through social media or turn on the TV with a barrage of advertisements claiming to be able to assist veterans with buying a home, get life insurance, or representing you in your battle with the VA to get your claims awarded.
But all they are really doing is preying on veterans by offering a quick and easy solution that costs a fortune, isn’t guaranteed and often useless less than honest measures.
Many of those groups go under the radar. Some wind up in a spotlight after the veterans that they target start making some noise.
One such group is being investigated for fraudulent practices, not only because of the exuberant fees they charge to assist veterans in navigating the VA claims process, but also because of the methods they adopt and the strategies of dishonesty that they employ, often “coaching” their veteran clients to follow suit.
For example, a VA-certified attorney can represent a veteran in processing their claims or going through
the appeals process. Those attorneys understand the legalities and language needed to navigate the process.
And they are limited to a very specific percentage of the veteran’s increases and/or backpay. That amount is usually defined as not to exceed 20%.
Meaning, if your monthly increase is $1,000, they get a one-time payment of $200. If they also assisted you in getting backpay of $3,000, they would receive $600, for a total fee of $800 for their services.
However, there are multiple groups that will charge upwards if $5,000 to $6,000 just to get your claims approved and awarded. Assuming you are awarded backpay, they can take $10,000 or more for their services.
Another group offers to write nexus letters for veterans to substantiate their claims and provide the evidence of service-connected disabilities. They charge the veteran $600 per nexus letter, all while never actually visiting with the veteran and conducting any type of medical exam.
And the list of groups that prey on vets is not limited to VA attorneys. Groups that compete for veterans business in the mortgage lending can be just as misleading and predatory.
Most home lenders will offer loans through the VA process, but not many claim to specialize in supporting the veteran community.
We spoke with Mackenzie Verdi, the founder of Veteran Mortgage Solutions and Army veteran, about these predatory practices that veterans are encountering, and why actually supporting veterans and their families matters.
“At the end of the day, our veterans deserve better than to be nickeled and dimed with hidden fees, undisclosed closing costs and inflated interest rates that cost the veteran tens of thousands of dollars over the life of their loan. The practices that some lenders pursue hurt the veteran and it needs to stop.”
Verdi highlighted an example of a recent client experience. A veteran came to him after her mortgage company told her six days before closing that she would need to come up with an additional $3,000 for some unknown fee that would be due at closing.
“She called us and we started looking into everything for her. By adding an additional 10 days to her closing date, we were able to eliminate that hidden closing cost and saved her that money and that frustration,” he told us.
“Regardless of who you customers are, they deserve to receive the services you claim to provide. They shouldn’t be surprised by last minute additions,” he added.
Saving you money, avoiding surprises and delivering on their promises is exactly what Verdi and the VMS team strive to do for both the veteran community and their non-veteran clients.
If you are looking for a home loan, VMS is the first call you should make.
The reality is that not all groups making those claims are who they say they are. At the end of the day, their aim is to take advantage of the members of those communities.
Thankfully, we partner with groups like Veteran Mortgage Solutions, who do exactly what they promise to do, which is to serve those who served this nation so honorably.
Sadly, you cannot surf through social media or turn on the TV with a barrage of advertisements claiming to be able to assist veterans with buying a home, get life insurance, or representing you in your battle with the VA to get your claims awarded.
But all they are really doing is preying on veterans by offering a quick and easy solution that costs a fortune, isn’t guaranteed and often useless less than honest measures.
Many of those groups go under the radar. Some wind up in a spotlight after the veterans that they target start making some noise.
One such group is being investigated for fraudulent practices, not only because of the exuberant fees they charge to assist veterans in navigating the VA claims process, but also because of the methods they adopt and the strategies of dishonesty that they employ, often “coaching” their veteran clients to follow suit.
For example, a VA-certified attorney can represent a veteran in processing their claims or going through
the appeals process. Those attorneys understand the legalities and language needed to navigate the process.
And they are limited to a very specific percentage of the veteran’s increases and/or backpay. That amount is usually defined as not to exceed 20%.
Meaning, if your monthly increase is $1,000, they get a one-time payment of $200. If they also assisted you in getting backpay of $3,000, they would receive $600, for a total fee of $800 for their services.
However, there are multiple groups that will charge upwards if $5,000 to $6,000 just to get your claims approved and awarded. Assuming you are awarded backpay, they can take $10,000 or more for their services.
Another group offers to write nexus letters for veterans to substantiate their claims and provide the evidence of service-connected disabilities. They charge the veteran $600 per nexus letter, all while never actually visiting with the veteran and conducting any type of medical exam.
And the list of groups that prey on vets is not limited to VA attorneys. Groups that compete for veterans business in the mortgage lending can be just as misleading and predatory.
Most home lenders will offer loans through the VA process, but not many claim to specialize in supporting the veteran community.
We spoke with Mackenzie Verdi, the founder of Veteran Mortgage Solutions and Army veteran, about these predatory practices that veterans are encountering, and why actually supporting veterans and their families matters.
“At the end of the day, our veterans deserve better than to be nickeled and dimed with hidden fees, undisclosed closing costs and inflated interest rates that cost the veteran tens of thousands of dollars over the life of their loan. The practices that some lenders pursue hurt the veteran and it needs to stop.”
Verdi highlighted an example of a recent client experience. A veteran came to him after her mortgage company told her six days before closing that she would need to come up with an additional $3,000 for some unknown fee that would be due at closing.
“She called us and we started looking into everything for her. By adding an additional 10 days to her closing date, we were able to eliminate that hidden closing cost and saved her that money and that frustration,” he told us.
“Regardless of who you customers are, they deserve to receive the services you claim to provide. They shouldn’t be surprised by last minute additions,” he added.
Saving you money, avoiding surprises and delivering on their promises is exactly what Verdi and the VMS team strive to do for both the veteran community and their non-veteran clients.
If you are looking for a home loan, VMS is the first call you should make.
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The opinions reflected in this article are not necessarily the opinions of LET
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