NJ Regulator Cites Nine Loan Mod Outfits For Operating Without State License; Demands $5K Fine From Each Plus Restitution In Offer To Resolve Charges

From the Office of the New Jersey Attorney General:

• The Division of Consumer Affairs has mailed notices of violation to nine New Jersey-based companies that allegedly offered loan modification services to consumers without being licensed. The nine companies each were cited for violating the state's Consumer Fraud Act for engaging in unconscionable commercial practices by allegedly offering to negotiate mortgage modifications without being licensed as a debt adjuster by the Department of Banking and Insurance.(1) [...] Each company has the option of not contesting the charges contained in the Notice of Violation and paying the civil penalty and restitution within 15 days. Each company also has the option of contesting the charges and requesting an administrative hearing before the Division.

For the entire NJ AG press release, see Nine Unlicensed Companies Cited for Offering Mortgage Loan Modifications.

(1) Each company has been assessed a $5,000 civil penalty, in addition to the restitution noted below:

• Affordable Finance, LLC, Colts Neck - $1,695.00;
• Best Response Loan Modification (aka Best Response Loan Mod), Parlin - $0;
• EZ Financial Solutions, LLC, Englishtown - $1,000.00;
• Home Rescue Today.Com, LLC (dba Financial Solutions Today), Bridgewater & Freehold - $2,495.00;
• Legal Loan Modifications, Inc., Cherry Hill - $2,995.00;
• Premier Services & Consultants, LLC, Mt. Laurel & Sicklerville - $1,706.91;
• RJD Consulting, Inc. (dba RJD Mortgage), Neptune - $2,495.00;
• United Global Services, LLC, Elizabeth & Rutherford - $3,067.00;
• Xtra-Financial, LLC, Cherry Hill - $3,786.00.