Petroff Amshen LLP Urges Homeowners to Review Any Refund Checks Received From Banks Before Cashing Them

NEW YORK, August 21, 2024 (Newswire.com) - Receiving a refund check from a bank or mortgage servicer might seem like a great resolution to a problem you were not aware of, but Petroff Amshen LLP warns that cashing the check could have serious implications, such as waiving your right to pursue legal action. 

But this begs the question of why these checks are being mailed out to homeowners.

A recent action by the Consumer Financial Protection Bureau (“CFPB”) has taken decisive steps against a well-known financial institution. The CFPB’s investigation uncovered that this financial institution engaged in unfair practices affecting thousands of consumers over a seven-year period, including the improper denial of loan modification requests and the imposition of excessive fees. 

Vigilance is crucial for preventing predatory lending practices that could affect your financial life. The law firm Petroff Amshen LLP stands firmly with homeowners and advocates for their rights in the face of unfair practices by financial institutions. In fact, not only are you entitled to the amount on the checks, but the mere receipt of them also means you are likely owed thousands of dollars more that you can recover through federal litigation. “Our mission is to fight for the rights of homeowners who have been wronged by large banks and financial entities,” said Steven Amshen, a founding partner at Petroff Amshen. “We are dedicated to ensuring that our clients receive the justice and compensation they deserve.” As banks distribute settlement checks to homeowners, Petroff Amshen LLP advises all recipients to carefully review these checks with legal counsel before cashing them. 

Importantly, not receiving a check does not mean you are not owed something from your bank. While banks are trying to get ahead of potential lawsuits, other banks and servicers might have committed the same accounting mistakes on your mortgage. An accounting must be requested to uncover any extra costs or charges related to mortgage adjustments that can result in significant settlements for the damages suffered.

For a comprehensive and independent analysis of your case and mortgage agreement, you can contact Petroff Amshen LLP. Their experienced team of attorneys is committed to safeguarding your rights and ensuring that you are not being taken advantage of by the banks. Do not risk compromising your legal options—reach out for professional guidance and support.

Source: Petroff Amshen LLP