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Federal Trade Commission and State Attorneys General Sue Companies for Loan Modification Fraud

July 22, 2009

As Glendora loan modification lawyers, we were pleased to see that California Attorney General Jerry Brown, 22 other top state prosecutors and the Federal Trade Commission announced sweeping lawsuits against loan modification scammers. According to a July 15 article from the Associated Press, the lawsuits name companies that allegedly took thousands of dollars from each client and did nothing to help them keep their homes. In all, the agencies filed 189 lawsuits against 178 companies. In California, the lawsuits named 21 individuals and 14 companies that allegedly cheated homeowners who were desperate to avoid foreclosure and the loss of their homes.

Brown, who is running for governor, described the defendants in these cases as "confidence men and charlatans." Among the defendants in his cases is Irvine's U.S. Homeowners Assistance, which is charged with collecting up to $3,500 each from borrowers, then providing no loan modification services. In that case, one defendant accuses the company of falsifying her signature and financial information on documents given to her lender. Another company, U.S. Foreclosure Relief of Orange, is accused of dodging customers' phone calls and failing to provide any services at all once it had collected payment. It made $4.4 million over nine months, according to the article. None of the California companies could be reached for comment.

As legitimate Long Beach loan modification attorneys, we work every day with homeowners who are in default on their mortgage loans and facing foreclosure. They're in that position because they don't have a lot of extra money -- including money to waste on thousand-dollar ripoffs. By taking the money of people desperate enough to trust them and walking away, these scam artists are not only exploiting victims, but also pushing them even closer to foreclosure. This ultimately depresses the economy and delays the recovery of the Southern California housing market, hurting everyone. More importantly, however, they are outright cheating thousands of people who trusted them in order to make a quick dollar.

Unlike these fly-by-night mortgage loan modification companies, Howard Law LLP has been in business for years, helping clients in Southern California settle their debts, fight predatory lending and, when appropriate, file for bankruptcy. Our Rancho Cucamonga loan modification lawyers have a clean ethical record that we would be happy to share -- and a strong record of successful loan modifications. While we cannot promise specific results, we have been able to help past clients change the structure of subprime or exotic loans, change interest rates and increase the life of the loan. And because we are attorneys, we can often get lenders' attention when calls from others have been ignored, because we can and will sue lenders for any violation of our clients' rights.

Howard Law offers free, confidential consultations, so you risk nothing by speaking to us about your case and your options. To set one up, please call us toll-free at 1-800-872-5925 or contact us online.