Don’t let yourself be rushed into modifying your loan. Although loan modifications are a powerful tool for resolving a very stressful situation, you shouldn’t jump into one lightly, or because someone is promising it’ll solve all your problems without doing your own research.
There is an entire industry of loan modification companies. Most of these companies are interested in helping homeowners modify their loans. However, there are predatory companies that use the stress of mortgage issues to take advantage of vulnerable homeowners.
Joshua Denbeaux has dedicated his career to protecting consumers. New Jersey has one of the highest foreclosure rates in the country, which means more homeowners are having mortgage issues and could fall victim to predatory companies.
If you are interested in a loan modification or think a predatory loan modification company has contacted you, contact Denbeaux & Denbeaux Law today. Schedule a free consultation to learn more about how we may be able to help you.
Fraudulent Modification Companies
Fraudulent modification companies are preying upon New Jersey consumers right now. I have filed numerous complaints with the New Jersey Division of Consumer Affairs about these predatory companies.
I filed a complaint against Financial Services for America, Neal Vanderpoel, IV, Eileen Vanderpoel, and Ryan Vanderpoel. I also filed a complaint against Summit Defense Foreclosure Legal Group. Since I filed this complaint, Summit Defense has changed its name, which is never a good sign.
These two are just a drop in the ocean, and I am hard at work identifying the predators acting in New Jersey and shutting them down. The unfortunate reality of foreclosure scam companies is they pop up quickly, steal people’s money and homes, and disappear just as fast. It can be hard to recover lost finances from a foreclosure scam on your own, so you want to make sure you don’t get caught by one.
What To Do If You’ve Been In Contact With One Of These Companies
If you’ve been contacted by a company offering or pushing a loan modification, please contact Denbeaux Law. Our attorneys can investigate the company and help you take appropriate action.
If you’ve already paid one of these companies for a modification or mortgage help, we can review your contract and may be able to help you take legal action. If a company has taken your money, you likely have a case for a suit against the company.
Denbeaux Law takes these cases on contingency. Contingency cases mean that you pay nothing out of pocket. We get paid after the litigation as part of the company’s payment. In most mortgage loan modification scam cases, you can get your money, or even more, back.
Laws Governing Loan Modification Companies
There is a federal regulation issued by the Federal Trade Commission (FTC) that creates guidelines for loan modification companies.
Understanding the federal laws about loan modifications can help you spot fraudulent companies looking to scam you. Things to look for from loan modification companies:
- Advance payment: Federal law forbids companies from taking advance payments to modify loans. If a company requires advance payment, it is violating FTC regulations.
- Out-of-state or Non-Attorneys: In-state attorneys are the only people eligible to receive payment for modifying your loan. If a non-attorney or an attorney from another state reaches out to you, this is likely a fraudulent modification offer.
If you have been contacted by loan modification companies that fit either of these categories, contact us today to schedule a consultation to discuss your situation.
How to Avoid Being Scammed When Modifying Your Home Loan
Predatory loan modification companies have a lot of experience tricking homeowners. As a homeowner with no loan modification experience, spotting fraudulent loan modification companies can be difficult.
These are a few simple loan modification rules to follow that can help you avoid scams:
- Only work with a licensed New Jersey attorney with an office in New Jersey
- Work with an attorney who will file an Answer, defend you in foreclosure, and file counterclaims if necessary
- Avoid working with attorneys who push you to modify your mortgage quickly
Talk to a Loan Modification Attorney Today
Mortgage issues can be stressful, especially if you’re dealing with companies that are trying to take advantage of you. There are a lot of different ways that predatory mortgage modification companies try to scam homeowners.
If you think a fraudulent company has contacted you, an attorney can help you discuss your options and best course of action.
If your situation doesn’t fit with the examples above and you’re not sure how to proceed. You should contact our loan modification attorneys.
Schedule a free consultation to discuss your situation today and learn more about how we may be able to help you.
