Mortgage Modification: Do They Deliver?

Homeowners in foreclosure are often desperate to modify their mortgages but most have been unsuccessful. A local firm promises help -- for a price.

My Safe House in Oceanside promises to modify mortgages but they don't have a license to do that, according to the Better Business Bureau.

"We are seeing a tremendous amount of scam and fraud in this area," said Sheryl Bilbrey of the BBB. "This company has an F rating. It's a licensing rating. We know companies in this category are required to have a license. These guys don't."

The address of My Safe House in Oceanside is also home to a number of other web sites, run by Gary Bobel. One site, First Federal, promises a 98% success rate in mortgage modifications and a money-back guarantee -- something experts say is impossible.

Bobel says he doesn't need a license to operate, and stood by his company's claims, "I would not take the money if I could not help them."

When San Diego 6 News was there, all we saw was a phone-room and a tote-board listing the numbers of people who had paid $2995 to the unlicensed firm.

Karlee Mariel worked for Bobel back in December.

"I was hired to be on the phone all day long," described Mariel. "I don't want people who are losing their homes to be taken advantage of or experience any more hardship."