Madigan sues 3 local firms over mortgage modifications - chicagotribune.com
The state attorney general's office filed suit Monday against three Chicago-area firms and their principals who allegedly operated mortgage rescue schemes that conned homeowners out of more than $44,000 in upfront fees and provided them with little or no help.
The cases share many similarities, including preying on consumers for whom English is a second language, collecting upfront fees and telling consumers to ignore any mail sent to them by their mortgage companies.
In Illinois, it is illegal to charge consumers upfront fees for loan modification services not yet provided. In at least one of the cases, a homeowner lost his home to foreclosure as a result of the purported fraud.
---------------
Thanks to Brian White for the link. Mortgage rescue fraud has been rampant since 2007 and some of their practices, including these up-front fees, are blatantly illegal. But is a total of 50 suits, with 28 injunctions, enough?
No comments:
Post a Comment