The California Attorney General recently announced a plan to go after corporate fraud‚ scams and fraudulent lending practices‚ The Los Angeles Times reports.
This is welcome news to the thousands of California homeowners who have been swindled by greedy predators. Los Angeles Bankruptcy Attorneys hope the Attorney General’s new plan has substance and fights the many predatory lenders who have ruined many people’s lives.
According to the news story‚ the new unit will focus on corporate fraud‚ including instances in which bundled mortgages were sold as securities to the state or its pension funds under false pretenses.
It will also seek to prosecute scam artists‚ including consultants and others who took fees in foreclosure proceedings‚ saying they would help with loan modifications or other remedies but did nothing. The third area of practice is in fraudulent lending practices‚ including deceptive marketing and qualifying people for loans they couldn’t afford.
The announcement comes as all 50 state attorneys general are investigating foreclosure practices of the country’s five largest mortgage servicers. This widespread problem has caused illegal foreclosures‚ caused people to file for bankruptcy who may not have had to make such a decision and sent people into financial ruin. Many banks have filed incorrect paperwork in foreclosure proceedings or used companies that signed documents without checking them for accuracy.
The Wall Street Journal reports that reports of mortgage fraud reached their highest level in 2010. According to a Treasury Department report‚ the Los Angeles area had more than 11‚000 reports of suspicious mortgage loan fraud activity in 2010‚ second in the country to the Miami area.
Don’t be too quick to assume that falling behind on your mortgage is your own fault. Predatory lenders‚ scammers who promise to help you modify your loan and others out there who are trying to hurt you are lurking.
If you find yourself in such a position‚ consult with Los Angeles Foreclosure Litigation Attorneys right now. With so many problems in the area of lending and foreclosure practices‚ it’s not shocking that litigation has become so popular. A lawsuit may help you keep your house‚ stop foreclosure‚ prevent negative credit scores and allow you to renegotiate your loan.
Los Angeles Bankruptcy Attorneys will provide a free consultation to help guide you in making a decision that works for you. In Encino‚ Glendale and Los Angeles‚ just call.
If you need to speak with a foreclosure litigation attorney in Los Angeles‚ Encino or Glendale‚ contact Cal West Law at (800) 568-0707 for a free consultation.