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Florida AG Investigating 5 Mod Companies For Violating State Ban
By Diane C. Lade, South Florida Sun Sentinel The Florida Attorney General’s Office has opened five new investigations this year, with four centered in South Florida, involving foreclosure rescue and mortgage modification companies, a key enforcement concern for regulators. Businesses being examined on allegations they took fees upfront for their services, in violation of state law, include: Foreclosure... [Read more]
NH AG Busts Guy For Ripping Off The Handicapped W/ Bogus Mod Company
Attorney General Michael A. Delaney, Banking Commissioner Peter C. Hildreth, and Carroll County Sheriff Christopher Conley announced today the arrest of Eric W. Eliason, aka Ricky Masci, (DOB 12/28/79) for Theft by Deception, as defined by RSA 637:2, with an extended term of imprisonment; Failure to Obtain a Debt Adjustment License, Untrue Statement and... [Read more]
FL AG Sues California Mod Company For Fraud
TALLAHASSEE, FL – Attorney General Bill McCollum today announced that his office has filed a lawsuit against a California company providing loan modification services to homeowners facing foreclosure. According to the lawsuit filed today in Orange County, 21st Century Legal Services, Inc. allegedly charges consumers up-front fees in violation of Florida’s Foreclosure Rescue Fraud Prevention Act. According... [Read more]
California Department of Real Estate Revokes Record Number of Real Estate Licenses
SACRAMENTO, Calif. – (Business Wire) The California State Department of Real Estate (DRE), the state department that issues licenses to real estate professionals and protects consumers in real estate transactions, revoked a record number of real estate licenses for cause in 2009. The DRE also accepted another record number of license surrenders from licensees facing disciplinary action. All told,... [Read more]
ATTORNEY GENERAL ANNOUNCES GUILTY PLEA IN FORECLOSURE RESCUE SCAM OPERATED FROM THE PHILIPPINES
Las Vegas, NV— Nevada Attorney General Catherine Cortez Masto announced today that defendant Michael Sinclair has pled guilty to one (1) Category B felony count of Mortgage Fraud in violation of NRS 205.372(2), for fraudulently operating a foreclosure rescue scam in Las Vegas under the business name of Federal Housing Aid. In addition, Sinclair must pay $60,000 in restitution to the victims of the... [Read more]
3 indicted in alleged foreclosure rescue scam
Cara McCoy, Las Vegas Sun Three men have been indicted on theft charges in an alleged foreclosure rescue scam that bilked people out of thousands of dollars to modify loans, the state Attorney General’s office announced Thursday. Jason Todd Wilhite, Ronald Quilang and Benjamin Moraleda allegedly operated a document preparation and loan modification business called Rescorp between June 2008 and January... [Read more]
NJ Mod Company Fined For Putting Out Mailer Looking Like It Came From Fed
From ABC News Attorney General Lawrence Wasden says Idaho homeowners who were duped into paying a New Jersey company to help them modify their mortgages will get more than $19,000 in a settlement. Wasden says the investigation into Weston, New Jersey-based Best Interest Rate Mortgage Co. LLC began with a complaint about a direct-mail advertisement. The ad offered a special loan modification programs... [Read more]
Trial Loan Mods Hurt Credit Score
NEW YORK (CNNMoney.com) — Most troubled homeowners view President Obama’s foreclosure rescue plan as a way out of their financial troubles. But many don’t realize that entering a trial mortgage modification can actually hurt their credit. CNNMoney recently received a flood of e-mails from readers complaining about the impact of trial modifications on their credit reports. To be sure,... [Read more]
MFI-Mod Squad was featured in the South Florida Business Journal
Florida cracks down on loan modification firms South Florida Business Journal – by Susan R. Miller The days of simply hanging out a shingle and opening up a loan modification business are coming to an end in Florida. As of Jan. 1, individuals or companies providing loan modification services must be licensed by the Florida Office of Financial Regulation (OFR). The law was sparked by hundreds... [Read more]
Florida Bar Continues Crackdown On Attorney/Mod Company Partnerships
By Diane C. Lade, South Florida Sun Sentinel A Coral Springs lawyer is being investigated by the Florida Bar Association for her involvement with a South Florida foreclosure rescue company, as trade regulators continue to file actions against attorneys involved in similar operations. Bar officials confirmed they are investigating Karen Grun and her ties to Housing Assistance Law Center, of Deerfield... [Read more]
