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Steinlaw
Steinlaw, Lawyer
Category: Consumer Protection Law
Satisfied Customers: 1811
Experience:  Consumer law attorney, author of California Debt Blog, Businessweek.com top foreclosure attorney
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I entered into an agreement with a suposedly reliable company

Customer Question

I entered into an agreement with a suposedly reliable company to buy my home loan from my lender and do a loan modification. He said it would take 3 months to a year. He says in the contract that if it doesnt go through, my money will be refunded. I gave him $2500. up front about 2 weeks ago. Today, in an email, he states his investors left the country with the money and he has no assets. Do I have legal or criminal actions I can pursue?
Thank you.
John S.
Submitted: 6 years ago.
Category: Consumer Protection Law
Expert:  Steinlaw replied 6 years ago.
-What state are you in?
-When did you enter this agreement?
Customer: replied 6 years ago.

I am in California, the company in question is also in California. I entered into this agreement about 3 weeks ago.

 

Thank you.

 

John

Expert:  Steinlaw replied 6 years ago.
I am sorry you are going through this.

You need to contact the state Attorney General. He was not allowed to take any money up front from you to get you any type of loan modification. Google "SB 94." Before you call the AG, you may want to call him and demand a full refund. Even better, send him a letter demanding a refund and give him 10 days to send you all of your money back. If he does not, then call the Attorney General.

Good luck!
Steinlaw and 3 other Consumer Protection Law Specialists are ready to help you
Customer: replied 6 years ago.

I probably should have told you, he is an independent investor group that enters into agreements to purchase loans from lenders, then modify loan a current home value, and refinance.

 

John

 

Expert:  Steinlaw replied 6 years ago.
That actually sounds worse for him. He was entering into an agreement to buy your home and then maybe give you a modification. I would still give you the same advice.