Businesses Sued for Foreclosure Scams

When foreclosures were at their highest point, several scheming individuals across the country saw a chance to squeeze more money out of already cash-strapped homeowners. After gathering enough evidence against four of these people, the attorney general of Illinois filed a lawsuit against them.

According to the lawsuit, these people, acting as a business, solicited homeowners who were in danger of losing their properties. They would then charge as much as $375,000 to help these people avoid foreclosure. In reality, they were doing very little, if anything, to help the people.

While loan modification agencies do have the right to charge for their services, as per the 2006 Mortgage Rescue Fraud Act, they are supposed to be legitimately working to stop foreclosure when they do so.

Those homeowners that did trust these four businesses and individuals were left at a greater risk of losing their home and lost hundreds of thousands of dollars from their savings.

If you are facing foreclosure in the state of Illinois, turn to the help of a legal professional by contacting Bizar & Doyle, LLC and speaking with an understanding Chicago bankruptcy lawyer.