Over the last few decades the mortgage industry in the Unites States has grown into a multi-billion dollar business providing the financing for millions of people to purchase their homes. Recently, however, it has become apparent that some mortgage brokers and lenders have used dishonest and often illegal tactics to benefit themselves at the expense of their customers.  Among such tactics are the purposeful sale of loans with repayment terms which they know cannot be met by the borrower, illegally raising interest rates at or near the date of closing and charging exorbitant fees.  The result of this has been to put millions of our fellow citizens at risk of losing their homes.

In addition, many individuals who are behind in their mortgage payments and are at risk of foreclosure have found themselves victims of purposeful scams intended to strip them of whatever equity they may have in their homes. Many of these victims are the elderly or recently unemployed. Among the most common scams are the promise to help a homeowner avoid foreclosure for a  fee (foreclosure rescue consultant) or an agreement  to purchase the property from the homeowner with the promise to sell it back to them at a future date (foreclosure reconveyance contract). The intent and result of these scams is to take advantage of the situation by  illegally extracting money and equity from the homeowner.

Fortunately, there are numerous Federal and State statutes that protect borrowers and homeowners from the actions of those seeking to take advantage of them.  Among such statutes is the Maryland Protection of Homeowners in Foreclosure Act (“PHIFA”) which is among the toughest laws in the country protecting homeowners at risk of foreclosure.

Ashcraft & Gerel, LLP. Is committed to fighting unscrupulous mortgage brokers and foreclosure scammers.  Our attorneys have vigorously pursued cases on behalf of homeowners in Federal and State court and have held the perpetrators of illegal and unethical practices accountable for their actions. If you have been a victim of such practices we may be able to help.