A Revere bankruptcy attorney has been charged by the Massachusetts Attorney General with targeting low and moderate income Latino homeowners with unfair loan modification schemes. The Revere attorney was apparently preying on folks that need Massachusetts mortgage loan modifications.
Attorney David Zac is being accused of taking money based on false promises. In Massachusetts, where 12,000 homes when into foreclosure last year, there are lots of scams going on, according to the Attorney General. Apparently, the Attorney General is claiming that Mr. Zac is in violation of a 2007 regulation that forbids anyone from profiting from “foreclosure-related services,” and the Attorney General, and various non profit agencies, are calling Mr. Zac’s advertisements and his fees into question.
One of the allegations is that the attorney would advise clients to stop paying the mortgage to “get their attention” and then negotiate from there. The “legal fee” was a multiple of the monthly mortgage payment. Folks were handing over their tax refunds and borrowing money to pay the “fee.” Perhaps it worked sometimes. However, when it didn’t work, he would ask for more money for a personal bankruptcy.
We don’t know how the Suffolk Superior Court case against the Attorney David Zac will pan out. We charge clients a flat fee for personal bankruptcies in Massachusetts. We give a free bankruptcy consultation. We don’t give foreclosure advice; except to say, call or write your lender, or go to one of the various free programs. They likely have the same track record as folks that charge fees.