Posts tagged as:

foreclosure scam

Homesavers CEO, Philip Seibel Sent to Oklahoma Prison

by Moe Bedard

EDMOND, Okla. — An Edmond man has been sentenced to 30 months in prison for money laundering.
Phillip Seibel, who pleaded guilty July 22, also was ordered Wednesday to pay $770,037 in restitution.

Prosecutors say Seibel formed Homesavers LLC, which contacted homeowners who were facing foreclosure. Homesavers promised to find investors to purchase the homes and allow [...]

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California loan modification company CEO’s arrested for scams

by Moe Bedard

Maybe this story and video will wake up some of the remaining rogue loan modification companies that seem to be defying the law and operating in California like it is still the Wild, Wild, mortgage West.
Police from Santa Clara County, California arrested two San Jose loan modification company CEO’s in what is being reported as [...]

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Court Grants Emergency Request to Halt Jacksonville Foreclosure Rescue Company’s Up-Front Fees

by Moe Bedard

TALLAHASSEE, FL—Attorney General Bill McCollum today announced that his office has obtained a court order temporarily prohibiting a Jacksonville company from charging up-front fees for foreclosure-related rescue services. According to the order issued by the Duval County Circuit Court, National Foreclosure Counseling Services Corp. is barred from charging homeowners any fee in advance for providing [...]

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National Foreclosure Counseling Services: Attorney General Sues Jacksonville Company for Foreclosure Rescue Fraud

by Moe Bedard

TALLAHASSEE, FL – Attorney General Bill McCollum today sued a Jacksonville company and its directors alleging the company is engaged in foreclosure rescue fraud. According to the lawsuit, National Foreclosure Counseling Services, Corp., operated by Raymond Paulk and Robert Dallavia, targeted homeowners facing foreclosure and charged up-front fees for loan modification services in violation of [...]

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Keep Your Property is a Scam: Attorney General Sues S. Florida Loan Modification Firm

by Moe Bedard

Attorney General Bill McCollum has filed a lawsuit against a South Florida loan modification firm and its affiliated companies, alleging they violated Florida law by charging up-front fees for foreclosure rescue services.
The civil lawsuit, filed in Broward County Circuit Court Thursday, charges several entities — Keep Your Property, its owners William R. Colon and Carlos [...]

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State suing 4 Miami companies, alleging fees were charged for loan-modification services

by Moe Bedard

The state attorney general’s office is suing four Miami companies for allegedly charging customers upfront fees for loan-modification services in violation of Florida law.
Named in the suit filed Wednesday in Miami-Dade Circuit Court are: Mortgage Crisis Solutions Association, Property Solutions Specialists, One Source Communications and Nationwide Financial Partners. Principals Donald R. Gillette and Flynn McCarthy [...]

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Congresswoman Doris Matsui Advocates for Increased Consumer Protection Against Loan Modification Scams

by Moe Bedard

Congresswoman Doris Matsui Advocates for Increased Consumer Protection Against Loan Modification Scams
Presses Federal Trade Commission for Full Disclosure to Consumers of Financial Terms on New and Existing Loans
WASHINGTON, D.C. – Rep. Doris Matsui (CA-05) addressed the Commerce, Trade, and Consumer Protection Subcommittee Hearing today on the topic of “Consumer Credit and Debt: the Role of [...]

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Loan Modification Scams Shut Down by the FTC: Hope Now Modifications & New Hope Property

by Moe Bedard

The Federal Trade Commission convinced a U.S. district court to order two companies to stop advertising that they are part of a government-endorsed mortgage-assistance network. The complaints and restraining orders name Hope Now Modifications LLC, related entities and principals Nick Puglia and Salvatore Puglia as well as New Hope Property LLC and principals Brian Mammoccio [...]

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Predatory Renting Extends its Grip to Apartments, Low Income Families

by Moe Bedard

The foreclosure crisis is something we can’t get away from if we tried. It’s on the television each night, in the newspapers and discussed actively online each and every day. And everyone’s got an opinion about the cause and the cure. But I’ve been writing on a different type of crisis, very much related to [...]

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Minnesota Attorney General Sues Two Loan Modification Companies

by Moe Bedard

Attorney General Lori Swanson today filed lawsuits against two so-called mortgage “foreclosure consultants” alleging that they targeted homeowners facing foreclosure with illegal up-front fees and empty promises to save their homes. The lawsuits are against IMC Financial Services, LLC (“IMC”) and American Financial Corp. d/b/a National Foreclosure Counseling Services (“NFC”), both with offices in Florida.
The [...]

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Ohio Attorney General Sues Two Loan Modification Firms

by Moe Bedard

Ohio Attorney General Richard Cordray has filed a lawsuit against two Cincinnati-based foreclosure rescue companies accused of failing to deliver on their promises to save consumers from foreclosure. The suit, filed in the Hamilton County Court of Common Pleas, charges Foreclosure Assistance USA, Inc. (FA USA) and American Foreclosure Professionals, Inc. (AFP) with several violations of Ohio consumer protection law.

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Loan Modification Companies: Saviors Or Scams?

by Moe Bedard

I got an interesting email today asking about “loan modification companies.”
These have sprung up like crabgrass in the midst of the foreclosure crisis, many of them run by former subprime mortgage brokers or real estate brokers who don’t have much work these days.
One Google [GOOG  Loading...      ()   ] search, and they pop up instantly with [...]

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American Modification Agency Sued for $100 Million

by Moe Bedard

American Modification Agency (AMA), a massive Rhode Island loan modification firm looks like there are in hot legal water right now and I am not surprised one bit. I knew the day of reckoning would come for this East Coast loan modification chop shop.

What were my first clues? A the time they had a website with nothing really on it. No real information and the BIG CLUE, no address for the firm. Obviously, companies that do not put their address on their websites do this because they do not want to be found and when you are in business and you do not want to be found, it is usually because your are scamming people. Right?

This compnay, AMA, still does not list an address for the firm. Here is their contact page. They don’t even list a phone number!!!! WTF! A company that does not list an address and not even a phone number is as scary as it gets!!!!

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Beware of Mortgage & Foreclosure Scams

by Moe Bedard

Are you having trouble making your home mortgage payments? Are you facing foreclosure on your home? Get all the facts before you pay someone to help you work out your mortgage problems.

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For Desperate Homeowners, Scams Abound

by Moe Bedard

Craig agreed to pay $30,000 and to share title on her house to a foreclosure rescue company. The company said it would use equity in her house to pay off her debts, and that her credit would be repaired. After a year she thought she’d get her house back.
The company’s agreement promises that clients have [...]

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Dumb and Dumber: Loan Modification Firm Sends Fake Press Release

by Moe Bedard

“However, just hours later, a Bank United spokesperson said the release was false and that the bank had no agreement in place or any intention to sign one.” Bank United spokeswoman said in regards to a fake press release issued yesterday by the Mortgage Modification Legal Network.
The ole subprime wolf in home saving sheep’s clothing seems [...]

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Feds prosecuting foreclosure scam of California man

by Moe Bedard

A warning to all homeowners. Beware of scammers that are acting as foreclosure and loss mitigation consultants.
TOPEKA, Kan.—An Israeli citizen living in California remains jailed until his federal trial over allegations he ran a foreclosure scam.
Forty-one-year-old Isaac Yass is accused of filing fraudulent bankruptcy petitions in Kansas that were part of a scheme to bilk [...]

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