Company Settles in Mortgage Complaint

Cherry Hill Courier Post 
July 1, 2010
Smith, Eileen

Hope Now Financial Services Corp. and Hope Now Modifications LLC have agreed to settle 514 consumer complaints in New Jersey for $5 million. The companies were accused of pocketing upfront fees and then failing to handle loan modifications for homeowners. Salvatore Puglia Sr. and Nicholas Puglia Jr., Hope Now principals, were charged with misleading consumers by making it appear as though their firms were affiliated with the legitimate nonprofit Hope Now Alliance. As a result, they have been ordered to pay more than $51,000 in legal and investigation fees and can no longer offer debt modification services in the state. "This settlement not only addresses the defendants' deceptive practices but also serves as a reminder that consumers seeking loan modification help should deal with licensed debt adjusters or other people authorized to provide such services," said Deputy Attorney General Lorraine Rak.
Web Link

Abstract News © Copyright 2008 INFORMATION, INC.