Be Cautious of Loan Modification Scams!

Be Cautious of Loan Modification Scams!

Short Sale Solutions

It is illegal for companies or law offices to charge money upfront for loan modification assistance, yet many people are still getting taken advantage of. In many cases, they pay money to these people to help get a loan modification and then never hear from them again. Then a few months later, they are forced to foreclose on their home when they believed they were in the process of getting a loan modification.

Authorities believe a loan-modification case involving a Huntington Beach lawyer and six other defendants is among the largest of its type prosecuted in the U.S. They say more than $13.5 million was scammed from 3,500 people.

Defendants including Pamela Gressier, the attorney, are accused of illegally charging upfront fees for loan modifications and telling victims they were eligible for loan mods with no basis for that claim.

The indictment came in May 2014 after a raid in Newport Beach, when investigators seized documents and computers from several related companies in a small office park near John Wayne Airport. Dozens of people across the country also told the Register they were victims of companies connected to Gressier, including Remedy Center Law Associates and Prudential Law Group.

If you are in a loan modification process, be sure that you are calling the bank to verify that you have a complete package. It is pertinent that you receive documentation from your bank verifying that you are in a loan modification within 5 days of submitting a complete package. You should know within 30 days that your loan modification is approved or not.

If you, or someone you know, would like assistance on dealing with their loan modification, call us at (949) 340-5457.

 

Source: OCRegister.com

Be Cautious of Loan Modification Scams!

Short Sale Solutions

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