TRENTON – Attorney General Paula T. Dow and Division of Law Director Robert Hanna announced today that a New Jersey loan modification company and its owners have agreed to an $11.45 million judgment to settle civil charges they defrauded homeowners who sought help in staving off mortgage foreclosure.
Defendant New Hope Property, LLC, of Bellmawr, Camden County, has agreed to a judgment of $10 million to settle allegations its company, New Hope Modifications, took money up front from customers in return for promised mortgage rescue help – a prohibited business in New Jersey. In addition, New Hope is permanently barred under the settlement from selling debt adjustment, loan modification or foreclosure relief services in New Jersey.
Brian Mammoccio, identified as a registered agent of New Hope in New Jersey, agreed to a $1.2 million judgment to settle allegations against him. Mammoccio, of Mullica Hill, Gloucester County, has also consented to the revocation of his mortgage solicitor’s registration, and has agreed to never again apply for any license, registration or authority from the state Department of Banking. Donna Fisher, also identified as a registered agent of New Hope, must pay the state $250,000 and has consented to revocation of both her individual lender’s license and her mortgage solicitor’s registration. Fisher, also of Mullica Hill, has agreed to never again apply for any licensure from the Department of Banking.
\”This is an important outcome, one that should send a clear message to anyone who may be tempted to seek profit in the financial misery of others during these tough times,\” said Attorney General Dow. \”We are committed to identifying and investigating this type of fraud, and we will take appropriate action
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