NJ Judge Slams Mortgage Lender With $26,000 in Attorney's Fees for Violating New Jersey Consumer Fraud Act

In a July 31, 2014 unpublished decision, a Bergen County judge fined a mortgage lender $26,125 in legal fees for duping a 70-year old borrower into a refinance transaction that benefited only the lender.   Finding that the lender committed an unconscionable commercial practice by charging the borrower over $11,000 in mortgage closing costs that would have taken her 5+ years to recoup based on the paltry savings of $63/month from her monthly mortgage payment, the Court chastised the lender for acting in its own self-interest.

A more detailed analysis about this case appears on our website blog:

http://njlawconnect.com/litigation/bergen-county-chancery-judge-hits-mortgage-lender-with-26000-in-counsel-fees-for-violating-new-jersey-consumer-fraud-act/