Loan Modification Scammers--Consumers Lose Tens Of Thousands Of Dollars In Scams
The Lawyers’ Committee for Civil Rights Under Law has filed a lawsuit in Los Angeles County, Calif., against a network of for-profit loan modification companies on behalf of eight California homeowners.
The lawsuit filed in state court reflects a battle against a troubling trend: Just as the housing bubble prompted predatory lenders to foist subprime loans on consumers, the foreclosure crisis has given birth to shysters that defraud distressed homeowners out of tens of thousands of dollars by falsely promising to obtain—for substantial upfront fees—much-needed mortgage modifications on the homeowners’ behalf. And as with predatory lending, these schemes disproportionately target minorities.
Baker, et al. v. Platinum Law Group, et al., is the Lawyers’ Committee’s 14th loan modification scam lawsuit filed nationwide and its fifth filed in California.
“These scamming activities have a devastating effect on vulnerable homeowners who are seeking solutions and, instead, find themselves at a greater risk or foreclosure and in greater financial peril as a result of the deceptive and unlawful conduct,” said Linda Mullenbach, senior counsel for the Fair Housing and Fair Lending Project of the Lawyers’ Committee, in a statement.
The most recent complaint alleges that the defendants promised to work directly with plaintiffs’ lenders to renegotiate their home loans and to secure lower monthly payments and interest rates in exchange for significant advance fees of up to nearly $3,700, collected in violation of California and federal law.
The defendants lured the plaintiffs by touting their specialized experience in the industry, claiming success rates of 90 percent or higher and promising a refund of all or most of the fees paid if they defendants did not obtain loan modifications for the plaintiffs, the complaint further claims.
However, the defendants broke all of those promises, the suit alleges.
If a purported loan modification company requests advance payment or instructs the homeowner to not contact his or her lender, those are “red flags” that the company may be fraudulent, the FBI warns. MOREHERE
Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.
"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world. Anyone can join. Anyone can contribute. Anyone can become informed about their world. "United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
LION'S MANE PRODUCT
Try Our Lion’s Mane WHOLE MIND Nootropic Blend 60 Capsules
Mushrooms are having a moment. One fabulous fungus in particular, lion’s mane, may help improve memory, depression and anxiety symptoms. They are also an excellent source of nutrients that show promise as a therapy for dementia, and other neurodegenerative diseases. If you’re living with anxiety or depression, you may be curious about all the therapy options out there — including the natural ones.Our Lion’s Mane WHOLE MIND Nootropic Blend has been formulated to utilize the potency of Lion’s mane but also include the benefits of four other Highly Beneficial Mushrooms. Synergistically, they work together to Build your health through improving cognitive function and immunity regardless of your age. Our Nootropic not only improves your Cognitive Function and Activates your Immune System, but it benefits growth of Essential Gut Flora, further enhancing your Vitality.
Our Formula includes: Lion’s Mane Mushrooms which Increase Brain Power through nerve growth, lessen anxiety, reduce depression, and improve concentration. Its an excellent adaptogen, promotes sleep and improves immunity. Shiitake Mushrooms which Fight cancer cells and infectious disease, boost the immune system, promotes brain function, and serves as a source of B vitamins. Maitake Mushrooms which regulate blood sugar levels of diabetics, reduce hypertension and boosts the immune system. Reishi Mushrooms which Fight inflammation, liver disease, fatigue, tumor growth and cancer. They Improve skin disorders and soothes digestive problems, stomach ulcers and leaky gut syndrome. Chaga Mushrooms which have anti-aging effects, boost immune function, improve stamina and athletic performance, even act as a natural aphrodisiac, fighting diabetes and improving liver function. Try Our Lion’s Mane WHOLE MIND Nootropic Blend 60 Capsules Today. Be 100% Satisfied or Receive a Full Money Back Guarantee. Order Yours Today by Following This Link.
