Attorney General Fighting Foreclosure Scammers
Filed under: Foreclosure
Bill McCollum, the Attorney General is active in seeing through a legislation that will nab the foreclosure rescue scammers. He has filed a suit against National Foreclosure Management and its affiliates based in South Florida for cheating at least 80 house owners and siphoning off $1.7 million by way of equity on houses.
A message was sent to the number listed as that of National Foreclosure Management (now under the name of American Home Rescue) but the message could not go through as the phone was stated to be disconnected.
The office of the Attorney General is taking strong action against those who are taking advantage of the vulnerable position of foreclosure victims. The protection is being given from several directions so that the people can continue to live in the houses they have made their homes by dint of hard work and hope.
National Foreclosure Management targeted those owners who had sufficient equity on their houses but were under the cloud of foreclosures. The company offered to keep the titles for a year. During that time they promised to refinance the debt while the house owner would go on living in his unit. The houses would be deeded back at the end of the year after avoiding foreclosures and seeing to the repairing of the borrower’s credit history. These were the promises. Once the deed came into their pockets the company would strip the houses of its equity by refinancing at inflated rates pushing in exorbitant fees and charges. The house would then be sold to a straw-buyer who would rent it out to the original borrower at a rate far in excess of the amount that the person was hitherto paying towards mortgage repayments. It was a sure route to eviction.
The lawsuit seeks compensation for the affected house owners and disbanding of the foreclosure rescue companies together with revocation of relevant licenses.
A bill sponsored by Sen Mike Fasano (R- New Port Richey) and Clay Ford (R- Gulf Breeze) has been filed, said McCollum. The bill ensures that the house owners are informed timely in the proper way about their rights at the time of signing agreements with any body or person claiming to help out in the foreclosure matter. According to it the signatory will have a period of 5 days to revoke the contract. Foreclosure related terms are clearly defined. Any violation will be penalized.
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March 30th, 2008 at 3:08 pm
I am fighting a forclosure — i got this house in a divorce and have means to pay the mortgage and the current mortgage wont work with me … the refinance company dropped the ball after leading me down a path for 3 mths and i lost time. When is the mortgage companies going to be held accountable and the people that can maintain the payments be allowed to just go foward and do so ..??
May 20th, 2008 at 1:14 am
[...] ownership of their properties in the hope of evading foreclosures are in all probability victims of scammers. This is the opinion of county [...]