Florida loan modification company faces class action lawsuit

Florida: A West Miami homeowner with a hefty mortgage payment looked for help and thought he found it after watching an ad on a local cable channel, but he hasn’t seen any results.

West Miami Homeowner Luis Tejera has been paying $2,300 monthly for his mortgage. So when he saw an ad on a local cable channel from Guillermo Leyes and Lincoln Lending Services, he thought he found the help he needed.

Tejera says, “I was watching him on TV, he was on all the time, like 24 hours a day, and he promised to help get me a new home loan modification to bring the interest rate down.”

The homeowner paid the company $2,600 as an application fee, and says he never got his loan.

“I got nothing for it; they stole my money like they did to everyone else,” Tejera insists.

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Back in March, Lincoln Lending’s Miami office was shut down by state prosecutors following numerous consumer complaints. Tuesday, Miami Attorney Ricardo Corona announced he’s filed a class action lawsuit against the company to get his clients’ money back.

“There’s an estimated there could be as much as $15 Million from the business missing and unaccounted for,” said Corona.

The West Dade Attorney says he served Leyes with the new lawsuit in Las Vegas where he’s reportedly set up another company named 1st Loan Modification of America.

Corona says, “He was not only going to victimize Nevada residents, he was going to try to go on the internet and get customers from around the country before he’d be closed down”.

As part of a settlement with Florida Prosecutors, Lincoln Lending has already paid back $500 thousand to some of its former clients.

The Florida Attorney General’s Office says the company now claims it doesn’t have any more money to pay anyone else. And for now, it looks like the owner may be busy with his new Las Vegas company, offering loan-modifications to struggling homeowners out there.

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