Mortgage Fraudster Sent to Jail

A recent item in Newsday reports that Aaron Wider, a mortgage broker who lured people into mortgages which they could not pay, has been sentenced to 30 years in prison. It is about time that those who perpetrated these frauds on consumers receive the punishment which they deserve. We still wait anxiously to see if any of the executives of the nations biggest banks, who orchestrated the massive collapse of the economy are brought to justice. Unfortunately, his conviction will do little to help those who have already lost their homes or who are still in foreclosure. If you are still looking to obtain a mortgage modification, call us to discuss your options. For more information click on the following link — Newsday

Bank of America Mortgage Modifications

The United States Department of Justice recently anounced that it had reached a new settlement with Bank of America. As a result of this settlement, Bank of America is resolving many outstanding claims against it which were made by the various Departments of the US government and also matters outstanding with several State Governments.

The settlement is valued at 16.65 billion dollars. Of greatest interest to consumers is the fact that of the 16.65 billion, 7 billion is earmarked for relief to consumers. Those eligible for relief include consumers who had mortgages with Bank of America, Countrywide and Merrill Lynch. The relief may come in the form Mortgage Modifications and possibly may include Principal Loan reduction for some homeowners.

If you have a mortgage which was with Bank of America, Countrywide and/or Merrill Lynch, now is the time to seriously consider filing for a mortgage modification.

Our office stands ready to assist you should you choose to apply for a mortgage modification. Do NOT let this opportunity pass. If you would like to schedule an appointment to meet with us call us at 732-752-8834

For more information click here

9/22/2014

NJ FORECLOSURE RESCUE FRAUD PREVENTION ACT

The New Jersey Legislature has finally taken action to limit the frauds which have been laid on the heads of distressed New Jersey homeowners.  The recent passage into law of the “Foreclosure Rescue Fraud Prevention Act” possibly signals the end to the awful fraud to which distressed homeowners have been subjected over the last several years.

 

While these types of frauds have been around for years, the recent financial crisis and the collapse of the housing market have spawned a whole new generation of unsavory individuals engaged in this type of fraudulent activity.  Thousands of homeowners have been the victims of these frauds by so called “mortgage, foreclosure or home rescue consultants” over the last few years.    These scammers often approached distressed homeowners with promises of miraculous schemes to save their homes from foreclosure.  The scammers often took substantial up-front fees and then performed no work of any value.   In other cases the scammers convinced the homeowners to transfer the title of their home to the scammer on the promise of a “rent back and repurchase” arrangement.  The scammer would then strip any remaining equity out of the property by refinancing and making it impossible for the homeowner to ever regain possession of their property.

The new law which becomes effective in several months regulates not for profit loan modification services, sales of property by “foreclosure consultants” and the sale and leaseback scams.  The law also regulates those consultants who offer mortgage reinstatement services, mortgage modifications and promises of credit repair resulting from mortgage default.

Foreclosure consultants must now obtain a license from the New Jersey Department of Banking and Insurance.