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Loan Modification Scams

Banks Continue to Deceive Borrowers?

Loan-Modification-Scams

Be aware of many Loan Modification Scams. Several of America’s largest banks, regulated by the Office of the Comptroller of the Currency (OCC), were the focus of investigations by the OCC, the U. S. Department of Justice and other Federal agencies in 2011 for illegal foreclosure activities and other abuses perpetrated against homeowners seeking help. Leading borrowers to believe that they are being assisted with a possible home loan modification or other foreclosure-avoidance solutions on the one hand while proceeding with foreclosure on the other is known as “dual-tracking” and it is illegal.

Sadly, cases of frustration and failure to adhere to government guidelines are not the exception, but generally the rule with major lenders or servicers when it comes to mortgage loan modification processing and foreclosure actions.

Was Your Bank Under Indictment?

The NAAG has been in negotiations with these lenders/servicers for nearly a year to develop a proposed $25 billion settlement package. In an effort to avoid further investigation and possible criminal indictments, several of the largest banks, including Bank of America, HSBC, JP Morgan Chase, MetLife, US Bank and Wells Fargo entered into Consent Decrees with the OCC [OCC Press Release].

Not only were the banks being scrutinized for their nefarious actions by the OCC and the Department of Justice, but the National Association of Attorneys General (NAAG) also began investigations into the illegal foreclosure activities of several of these lender/servicer organizations, including, but not limited to, Bank of America, Citibank, JP Morgan Chase, Wells Fargo, and Ally (GMAC) for illegal “robo-signing” of foreclosure documents, among other things.

Cry Foul!

Loan-Modification-Scams

In sum, the lenders and servicers have taken advantage of thousands of homeowners, and there are mechanisms in place for you to file complaints and possibly qualify for a cash payout from the settlement. Many of the current fraud investigations and indictments started with complaints from homeowners like you who were failed by the home loan modification system, and who would not stand idly by while large corporations had their run of the field against unsuspecting victims. Click here for help filing a complaint.

Good Intentions. Bad Results.

Unfortunately, the lenders and servicers do not play by the rules. Consequently, average homeowners are taken advantage of and face the prospect of losing their homes by falling short of bank’s loan modification hoops. This is why there is a massive amount of Foreclosure Defense litigation in the state and Federal courts seeking relief for victimized homeowners. You need to work with specialists who know the programs and can make the lenders adhere to the federal laws and guidelines. Get Help with your Loan Modification now.

Can “Relief” Services Help?

FTC Rules Against “Relief” Services

The FTC ruling provides an exemption for law firms like ours because of the unique and specific services we provide, with all client payments secured by an attorney trust account. There are thousands of websites, hotlines, and other establishments that claim to offer help with loan modifications. In a time of financial crisis, this would seem like a great thing, were it not for the fact that the vast majority of these services are either impotent or totally fraudulent loan modification scams.

In fact, the Federal Trade Commission (FTC) issued a ruling in December 2010 that made it illegal to offer Mortgage Assistance Relief Services (MARS) for a fee paid in advance. The ruling effectively rendered loan modification shops illegal, and most have closed, although there are still scam operations functioning.

Start Fresh Arizona: Proven Results

Loan-Modification-Scams in Utah
Start Fresh Arizona has uncovered all of the effective loan modification and workout options and combined them with legal strategies to ensure the best odds of success in reducing your mortgage payments with a permanent loan modification.

Start Fresh Arizona demystifies the loan modification process and has a proven track record of positive results. We have helped hundreds of Arizona homeowners fight banks to honor loan workouts, reduce their mortgage payments, and keep their homes.

Although it is widely reported that government loan modification programs, lenders, and servicers have largely failed to work together to resolve the real estate crisis and to help struggling homeowners avoid foreclosure, there is still significant loan rescue. Get Help Now. 

Request mortgage assistance online and a housing counselor will contact you now. Start Fresh. Start Now. Start Fresh Arizona.