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366 Kinderkamack Road
Westwood, NJ 07675
Phone: 201-664-8855
Fax: 201-666-8589
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Mortgage Modification
Warning!
Please be aware that most of the loan modification companies offering
their services to New Jersey consumers are acting illegally.
The New Jersey Attorney General has posted several warnings to the
public regarding these illegal activities. The attorneys at
Denbeaux & Denbeaux recommend that you research any
modification company that offers its services to you. The
Attorney General warning can be found at:
http://www.state.nj.us/dobi/division_consumers/finance/modifyscam.htm.
New Jersey law defines who can legally modify a mortgage at NJS 17:16G-1, et seq.,
commonly known as “The Debt Adjusters Act.” On December 19, 2008,
the New Jersey Attorney General issued bulletin 08-27, “MORTGAGE
LOAN MODIFICATION” ACTIVITY,
http://www.state.nj.us/dobi/bulletins/blt08_27.pdf,
which explains the current law.
If you have been the victim of illegal mortgage modification, you
should contact the attorneys at Denbeaux & Denbeaux to see
about recovering your money and you should also file a formal complaint
with the New Jersey Attorney General through the complaint process
located at: http://www.state.nj.us/dobi/consumer.htm.
Signs of Illegal Loan Modification
Guarantees of Success:
No one, not lawyers, not legal loan modification companies,
no one,
can guarantee that a lender will modify your loan. If someone
promises you success in your loan modification, they are
lying. DO NOT DO BUSINESS WITH THAT PERSON.
Claims of Rates of Success for other Customers:
Illegal loan modification companies often make representations as to
their success rate for other customers. These claims are
unverifiable and generally false. Every situation is
different and a generalized claim of success – which are
generally false sales puffery anyway – is not relevant to
your case.
“Don’t Pay Your Mortgage While the Modification is in Progress”:
Illegal loan modification companies often advise clients not to pay the
mortgage during the modification process so that the client has the
funds to pay the modification fees.
This advice gives the false impression that the loan modification
company has control over the lender’s internal foreclosure
processes, and this is never true.
There are circumstances in which it is advisable not to pay the
mortgage during a loan modification process, but that determination of
when to withhold payments must be made by the borrower only after
consultation with an attorney experienced in this area of the law.
The worst scenario is when a foreclosure goes into default, or judgment
by default, while the borrower is waiting for the modification
result. If that happens, you may lose your home because of
your reliance on the advice of your loan modification company.
Who can Legally Modify Mortgages?
The lawyers at Denbeaux & Denbeaux can.
Denbeaux & Denbeaux represents borrowers in foreclosure defense
actions, in modification of existing mortgages, in
counterclaims/plaintiff actions against lenders and in class actions
against predatory lending practices against certain subprime lenders.
You should contact Denbeaux & Denbeaux today to discuss your
situation:
- If you believe that you are the victim of predatory lending;
- If you are struggling with your mortgage because of an unexpected drop in your household income;
- If you are behind on your mortgage payments;
- If you are in foreclosure; or
- If you have been contacted or agreed to do business with an illegal loan modification company.
The lawyers at Denbeaux & Denbeaux offer free review of closing
and foreclosure documents and free consultations. Please
contact us today to see how we can help you.
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NEWS
ALERTS
We are currently investigating unconscionable closing practices by lenders throughout New Jersey.
If you are in foreclosure, please contact one of our attorneys to see whether you have the right to halt the proceeding.
We are particularly interested in hearing from you if your loan was placed with or is presently owned by:
- Wachovia
- Countrywide
- World Savings Bank
- Wells Fargo
- Park National Bank
- Chase
- Washington Mutual
- New Century
MORTGAGE
FORECLOSURE DEFENSE
MORTGAGE MODIFICATION |
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