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Non-profit sues loan mod companies for fraud against homeowners

The economic downturn a few years ago left many Las Vegas homeowners overextended and on the brink of foreclosure. Loan modification companies assisted those individuals by renegotiating the terms of their mortgages so that the property owner could stay in their home. However, a plethora of deceptive companies also popped up aiming to take advantage of individuals who were desperate to save their homes.

The Neighborhood Assistance Corporation of America claims that the intent of sister companies, National Mortgage Help Center and National Media Connection, was to fraud homeowners to get gain. NACA filed a business litigation lawsuit against those businesses and their owner for unfair competition and trademark violation, among other claims.

NACA believes that the help center is merely a shell company that works in conjunction with predatory lenders by generating consumer leads and selling them off. Furthermore, they claim that the clients were charged a fee to be passed on to the predatory businesses without receiving the assistance that was initially advertised.

NACA, who says that they are in the business of actually helping homeowners with loan modifications, won to stop the defendant companies from being able to use the allegedly false advertisements.

It is unclear if any of the homeowners who were a victim of this alleged fraud will try and seek compensation for damages. If you believe that you may have been taken advantage of by a company who falsely advertised, it may be prudent to discuss your case with an experienced business litigation attorney.

Source: Courthouse News Service, “Decree Bars Ads Accused of Fleecing Homeowners,” Angela Watkins, Oct. 11, 2013

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