Department of Finance Orders Meridian Mortgage Loan Modification Company to Cease Further Business Activities
Boise, ID - October 14, 2009 - (RealEstateRama) — The Idaho Department of Finance announced today the issuance of a Cease and Desist Order against Meridian-based International Co-op LLC for engaging in unlicensed mortgage loan modification activities and for illegally charging distressed Idaho homeowners exorbitant upfront fees.
Department of finance director, Gavin Gee, said that the department received complaints from three Idaho homeowners who had paid International Co-op LLC $1,500 to $2,000 on the company’s representation that it would assist the homeowners obtain mortgage loan modifications. “On top of the company’s failure to obtain a license, the affected Idaho homeowners received nothing for their money and are worse off than they were before,” Gee said.
Companies offering mortgage loan modification services in Idaho are required to be licensed and, other than a reasonable application fee, are prohibited from charging any upfront fees, said Gee. “International Co-op LLC failed on both counts.” During difficult economic times there are those who seek to prey on distressed homeowners, Gee warned. “The department of finance will continue to take action against mortgage loan modification companies that ignore Idaho’s licensing laws and victimize Idaho homeowners in this way.”
The department provides information on a variety of FREE foreclosure prevention resources that are available to distressed homeowners. That information can be accessed at the following website address: http://finance.idaho.gov/Mortgage/ForeclosureResources.aspx. * * *
Department of Finance Press Releases and a copy of the Cease and Desist Order and other information can be found on the Internet at http://finance.idaho.gov or may be obtained by contacting the Department at (208) 332-8000 or Idaho toll-free at 1-888-346-3378
Contact: Michael Larsen, Bureau Chief Consumer Finance Bureau (208) 332-8000
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How many times over the recent months have you heard, or read about our government officials saying, “You don’t need to hire a third party…just call your bank directly.”
Make NO MISTAKE ABOUT THIS, the lenders don’t want homeowners to have 3rd party negotiators help them obtain loan modifications! Why is this? Because it would cost them a ton of MONEY!
The lenders would very much prefer that all of the borrowers show up on their doorstep and ask them for home loan modifications alone, scared, confused, and unsure about how to proceed. After all, they’ve been told by very reputable sources that their needs would be protected and that they would receive the help they desperately need for free, right?
The government wants you to believe that they’re protecting you from millions of “scammers” that are roaming around the country cheating homeowners out of their last $2,500 for fun and profit! To listen to the government spokespeople, there are no legitimate private sector firms out there. Only your bank, or some HUD non-profit housing counselor can be relied upon! Don’t talk with anyone else, because they’re a scam! Do these statements really make sense to you? Does this sound correct, or even possible?
We’re going to finish this year with about 4 million foreclosures in this country! There are literally hundreds and hundreds, if not thousands upon thousands of loan mod companies, law firms and real estate agencies all across the country that offer help to borrowers for loan modifications. To be sure, there are many companies out there that are performing illegally, but if all of them are scams – please, you do the math. Shouldn’t there be millions of people marching in the streets screaming about having been cheated by these people? If what we are being told is true, why is it that every story you read about a loan modification scam involves such small numbers of “scammed” clients?
After considering these facts, is it reasonable to think that something else might really be going on here? Could it be that the government’s recommendation to “just call your bank directly” is a ploy designed to protect their assets and further their profit motives?
Honestly now, what do you think?