Foreclosure Defense Florida

Federal Trade Commission Halts Loan Audit Firm- One Down, Hundreds to Go….

Consumers need to be very careful in dealing with any loan audit or any other company or individual preying on foreclosure victims:
At the request of the Federal Trade Commission, a U.S. district court has halted an operation that allegedly preyed on financially vulnerable homeowners, convincing them to pay $1,995 or more by holding out bogus promises that they could help them avoid foreclosure and renegotiate their mortgages.
The order issued by the court stops the allegedly illegal conduct, freezes the operation’s assets, and appoints a receiver to run the business while the FTC moves forward with the case.
According to the FTC complaint, the defendants behind the operation claimed on their website that ” up to 95% of mortgages may be legally unenforceable due to defects like lost documents, improper notices, appraisal and/or predatory lending.”  Using this claim, several defendants, including Consumer Advocates Group Experts, LLC, virtually guaranteed that they could get mortgage modifications with reduced interest rates and lower monthly mortgage payments for consumers.
The defendants offered to review consumers’ mortgage loan documents to determine whether their lenders complied with state and federal mortgage lending laws, and made allegedly false claims that the consumers could use the resulting ” forensic audits” to avoid foreclosure and negotiate more favorable terms on their mortgages.

One Comment

  • chitown2020 says:

    The State AG’s office told me that you shouldn’t have to hire an attorney to get a loan modification. Another attorney that I trust told me DO NOT SIGN or AGREE to añything with a BANK because THEIR DEBT IS UNSUSTAINABLE and can NEVER BE REPAID… People are UNEDUCATED and that causes them to be fearful and fall into traps. Please educate yourself America…! That is the only way that we can win. Knowledge is power….Smart is the new rich.

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