What actions can borrowers take if they believe they have been victims of lending fraud?

Borrowers who suspect they have been victims of lending fraud have specific avenues to address their concerns, one of which is filing a complaint with the Division of Consumer Affairs. This agency is responsible for regulating various professions and businesses in New Jersey, and they investigate complaints related to fraud, unfair practices, and violations of consumer protection laws.

When borrowers file a complaint, it initiates an investigation into the matter, potentially leading to the resolution of their issues and holding the offending lender accountable. This step can also be crucial for borrowers as it helps to formally document their experiences and may assist in preventing such practices from affecting others in the future.

The other actions mentioned are not as direct in addressing the issue of lending fraud. While seeking financial counseling may be beneficial for managing overall financial health and understanding one's rights, it does not provide a specific mechanism to combat fraud. Accepting the lender's terms or waiting for the loan to mature would not empower the borrower or change the fraudulent situation they are allegedly facing. Thus, filing a complaint with the appropriate regulatory body is the most proactive and effective choice for borrowers who wish to address their concerns regarding potential fraud.