The recent economic crisis has created a need for many homeowners to modify their home mortgage loans. Many companies have stepped into this breach, recognizing both the business opportunity and the opportunity to help others get out of a severe financial crisis. While working to modify mortgage loans that have homeowners deep in debt is an admirable goal, incidents of fraud in the mortgage modification process have been on the rise.
Both the Federal Trade Commission and state regulatory agencies are pursuing initiatives to prosecute allegedly fraudulent mortgage modification practices. These regulatory investigations often center on claims of misrepresentation and false promises in the advertising of modification services, and charges of companies charging up–front fees but then providing little or no services in return. With fraudulent mortgage modification providers in the cross–hairs of regulators, even legitimate mortgage modification programs can face government scrutiny.
It is essential when offering mortgage modification services to be clear and up–front about the problems the borrower faces and the services you can realistically offer. Fraud charges most often arise where the modification service provider claims to have ties to the government or to lenders that it does not actually have, or suggests a guarantee of a modification that actually may not be a sure thing. What may seem to you like standard advertising “puffery” may be seen be a regulatory agency as predatory and fraudulent.
If you have been charged with mortgage modification fraud, the ramifications are serious. You may face criminal charges. Your professional license, whether as a realtor, broker, or lender may be in jeopardy. Your livelihood depends upon the outcome of these proceedings. An Orange County mortgage loan fraud defense attorney can advise you of all of your options in this new and unsettled area of the law.
At The Law Offices of Vincent J. LaBarbera, we have over 33 years of experience in defending people facing criminal charges and professional licensing disciplinary charges. We will advise you of all of your options and represent you aggressively in any criminal or disciplinary proceeding. Call us today at (949) 863–1663 for a confidential consultation.
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