800-644-3327

Thanks! You people just saved me a lot of heartache and problems! Want to buy our second house and will go with the regular bank people in our community home bank! That's for sure.

I received the same letter telling me that I was approved for a FHA  loan of $271,000.50. now everyone knows that a FHA is a Government agency and they don't drum up business by mail. This is illegal and
should be stopped.
    Everyone should know better that to bite at this, never give personal information to these places. Its probably a scam anyway.

We talked with them yesterday and are really considering doing this.  You had no problems?  You were able to do things you needed to with the money?

How did it go?  Where you able to refinance and get the money you needed?

I got a mail that offered up to $400,000+ with 4.25% interests. I did google embrace home loan and found web, but there is no where I can find 1 800 644 3327. Be careful, don't give your personal information to strangers.
I also suspect, that's a big scam using established name and give you other number to call them up. there're ton of such a scam out there. I think ,the best way to get lone is just look around local banks that you can physically pay a visit. For Exp; I found wells fargo gives low rate plus no cost refinance program., do research, I also found other local banks have a similar offer.

try to save ID before saving money.

Just wanted to let everyone know that I just talked to these people because I was really wanting to consolidate debt as well.  The envelope says they can give me nearly $400k to help consolidate things.  Sounded great, so I called.  Before I gave out any information, I really wanted to know what the deal was.  Basically it works like this.  For debt consolidation, they can only loan out 85% of what the house is worth.  So, if you are like me, only owning your house for about 2 years, naturally, you probably still owe around what your house is worth at about 100%.  Not much principal is paid at the beginning of your loan.  Anyways, so of course, they couldn't consolidate anything with me.  But say you owe 50% of what your house is worth, than they can give you a loan for 35% of the house worth (35+50=85%).  So, to make things easy, if you have a house worth $100k, they will do a new loan for $85k, then $35k of it can be used any which way you want, and then you still have the $50k that you owed on it.  More than likely though, if it is 50% of the way paid off, then it has taken you 10-15 years to do it, now you are looking at stretching that back out to probably another 20-30 year loan.  Not a bad deal all in all if you have owned your house for quite some time.  But if you have only owned it for a few years, they can't help you.  

They also offer refinancing to try and drop your monthly payment.  Basically, he said that they could save me around $100 a month on my payments.  But, it would cost around $3600 in closing costs, but that would get thrown in with the loan, so the only money that I would need up front is the appraisal fees.  If you ask me, saving $100 a month would be awesome, but stretching another $3600 along for 30 years with interest doesn't sound very appealing to me.  Also, they can only give a loan for 98% of what the house is worth when it comes to refinancing.

Hopefully this helps clean up things for people.  I wish they wouldn't bait people in with the "Get $400k to help consolidate your debts!" because everyone would love to consolidate their debts if we could...

Thanks for all the info, recieved the same mailing and glad to have researched this false offer before acting

FYI, to pay off 50% of the amount borrowed on a 30 year note takes around 20 years, not 10-15 years, that varies weakly with the interest rate. For 4%, it's ~19y+3m, for 6%, it's ~21y+1m, and for 8% it's ~22y+6m. The mortgage equation is quite non-linear.

I got the same letter with the same offer 271,050 and the same phone number 1-800-644-3327. The Presidents of Embrace Home Loans is David Noyce. I sent a copy of this offer to my brother-in-law who is a federal judge and he is putting this company under investigation. His first words to me was "why do you need a loan" which is my point I don't. How these people got my name is a mystery. Common since tells use if it sounds to good to be true it is. I know there are people in trouble out there but don't let your problem cloud your judgment. If anyone who reads this has real answers, real help. Please post your info on this page. Thank you.

If nothing else, I wouldn't deal with this company for these reasons:
1.Very limited contact information in the pamphlet.
2.Yes, they are BBB accredited, with an A+ rating.  HOWEVER, if you look at the types of complaints listed and the resolutions of the cases- over 50% were "Administratively Resolved" rather than "Resolved".  This says to me that they were marked as resolved by the company, not by the customers.  Of course there are always complaints against any business, especially larger companies.  This doesn't really hold water for me after doing the comparison on the BBB website (you click once to find out how they stand up against other business of the same type.)  They were LAST on the list.

Just thought I'd paste the contents of the table on the BBB website, although it doesn't look as clean and pretty here...
http://our.bbb.org/boston/Public/Reports/RR/P ... me+Loans%2c+Inc.

The information in the table below represents an industry comparison of businesses which are of the same relative size. This is based on BBB's database of businesses located in Eastern Massachusetts, Maine, Rhode Island and Vermont. Businesses may engage in more than one type of business. The percent of time the business engages in a type of business is not accounted for. There is no known industry standard for the number of complaints a business can expect. The volume of business and number of transactions may have a bearing on the number of complaints received by the BBB.
        
# of businesses with NO complaints in the past 36 months     6     
# of businesses with 1-4 complaints in the past 36 months     1     
# of businesses with 5-25 complaints in the past 36 months     0     
# of businesses with 26-99 complaints in the past 36 months     1     
# of businesses with 100 or more complaints in the past 36 months     1     Embrace Home Loans, Inc. is in this range.
Total # of same relative size businesses in the BBB database in this type of business     9

i received same information, did you get any more information regarding this company. i have been talking to them. are they legit

I also got this offer in the mail and sounded pretty interesting. Says Bill Consolidation Loan Acceptance and on the inside it says its from Embrace Home Loans. Same phone number. The BBB has them on their website says they have been accrediated since 2009. Still don't know if i should do it. Expecially now after finding out all the information on this website.

Lee, thank you for your post. I am really sorry you got scammed, but I really do appreciate your willingness to keep others from being scammed, also.  That shows good character, and I hope somehow your money will be returned to you, tenfold.

I too received a pamphlet and didn't know what think about it. It appears that if everyone thinks it is  a scam then I will take this and throw it away never giving it a second thought.

I am writing because i see that i recieved the same letter and i  just been wondering if its two different companies  the website do have a different number,,,, I been wondering if i should  take the loan too....

i received on of those offers from embrace home loans as well it is a farce.  The internet site phone number does not jive with the phone number given on the brochure.  I have done a lot of research and have found many poor reviews and complaints.  I believe this is a scam, be very leary.

i received that same offer.  I believe it is bogus, thats not to say that embrace home loans is bogus, just the offer, which does not jive with the internet site information.

I don't know if you'll ever read this but thank you, i was doing some research and now with your post i have made the decision to steer clear of what appears to be a  bogus offer and a switch and bait.  For those of you who do not know what this is google it.  

Thank you

just rec'd my second gold envelope in the mail, was seriously considering calling even though I NEVER trust offers like these.....they almost had me fooled. Thanks for helpful information.