A lawsuit was filed this week by Davis Polk & Wardwell LLP against for profit loan modification companies who scammed New York homeowners. The name of the lawsuit is Rush vs. Save my Home. SAVE MY HOME took advantage of low to moderate income families by deceiving these homeowners to believe that they could save the customers home and lower their monthly mortgage payment. The company had multiple entities within their single building that they operated out of. Save my Home did not have a mortgage broker license, which is required in the state of New York. The company was taking up front fees from the customers, and they were also telling them to stop sending in their monthly mortgage payment to their lender. The customer's fell behind on their mortgage which affected their credit score. These homeowners are asking for their credit score to be repaired, and to have Save My Home pay for all the fees that have been accrued due to the customer not paying their mortgage.
