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Florida Attorney General Warns of Loan Modification Scams
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Posted at The Loan Modification Expert by Peter Collins
Mar. 3, 2009 Categorized in:
Foreclosure AssistanceFloridians Should Avoid Being Scammed By Foreclosure "Rescue," Loan Modification Offers
~ Homeowners encouraged to look for warning signs, avoid common scams ~
TALLAHASSEE, FL – Attorney General Bill McCollum today issued a consumer advisory as part of National Consumer Protection Week on foreclosure “rescue” services and loan modification offers, the most frequent subject of complaints to the Attorney General’s Office during 2008. Within the last year, the Attorney General’s has reviewed information on over 200 foreclosure rescue businesses and has over 40 active investigations into potential violations of Florida’s Foreclosure Rescue Fraud Prevention Act, a new law supported last year by the Attorney General. Several lawsuits have been filed throughout the state, including one against a South Florida company which allegedly defrauded several hundred homeowners out of more than $1 million collectively. “Today, homeowners are being bombarded with advertising from companies claiming they can save homes, reduce mortgage payments, and many other offers,” said Attorney General McCollum. “Florida homeowners need to be very cautious and should know that Florida law prohibits any company or individual from charging up-front fees for foreclosure rescue or loan modification services.”
Click on a company to see a brief description of their questionable business practices and a link to an affidavit and instructions for consumers to fill-out if they have been a victim.
Inside a Florida Mortgage Scam
The FBI and the Department of Justice unveiled Operation Malicious Mortgage last week, a nationwide bust that produced more than 400 arrests over the past three months for fraudulent home-loan schemes. In South Florida alone, more than 100 people have been arrested since last September, including 19 just last week. In a study released in March by the Mortgage Asset Research Institute, Florida ranked first in the country in 2006 and 2007 for the amount of loans that were misrepresented. Among those arrested in the state were Evelyn Rivera and William Louisma, twentysomethings who live in the same sprawling development in the upper-class city of Wellington, part of Palm Beach County. The two, along with at least one other person, allegedly concocted a plan in February to buy 55 townhomes in Fort Lauderdale, inflate their values and establish "straw borrowers" whose incomes were pumped up to qualify for the big loans. The gang reportedly hoped to make as much as $8 million in profits after they got the loans and then abandoned the homes to foreclosure.
The 55 units involved in the case are part of a 67-townhome development that was already an example of the South Florida property boom gone bust.
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