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NJ continues crackdown on mortgage industry July 15, 2009

Posted by jefhenningeresq in News.
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I’ve said it before and I’ll say it again: the mortgage industry is under assault here in New Jersey and anyone associated with it must be very careful.  The NJ AG announced today that her office has filed two more law suits against 10 defendants charging them with mortgage related fraud.

These defendants allegedly promised to help modify mortgages for people struggling to keep their homes. However, they allegedly pocketed the fees paid by homeowners instead of providing the assistance.

The first lawsuit was filed in Mercer County against Best Interest Rate Mortgage Company which is located in Haddon Township.  They allegedly solicited distressed homeowners in the mail, sending a form that appeared government authorized.

The second lawsuit was filed in Essex County against nine defendants, including Newark attorney Ejike Uzor and Stephen Pasch of Green Brook Township. Seven corporate and nonprofit entities, including New Day Financial Solutions in Newark were also charged.

The attorneys here face  a massive risk here as their ability to practice  law is in jeaporday.  If this case is going to settle, and most of them do, they should settle before the discovery gets too far.  Otherwise, they are going to get locked into a statement which could be used against them in the future.

Story is here.

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Comments»

1. Jerry - August 4, 2009

If these lawyers charged cash-strapped defendants up front retainers and pled out or lost in trial…


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