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Current Idaho Mortgage News
Idaho Bans Florida Foreclosure Rescue 03/2008
Mortgage
Assistance Solutions, LLC,
a Florida foreclosure rescue company that sent advertisements to
consumers claiming their homes were in foreclosure, can no longer do
business in Idaho. Mortgage Assistance
Solutions entered into a settlement agreement with the Attorney
General that prohibits the company from advertising or engaging in any
transaction involving an Idaho consumer or property in Idaho.
Idahoans filed complaints against
Mortgage Assistance Solutions
alleging that they were sent a direct-mail advertisement that stated, in
bold, red letters: “FORECLOSURE COMPLAINT NOTICE.” The advertisement
stated that the consumers’ homes were “scheduled to be sold at auction.”
In order to avoid foreclosure, the consumers were instructed to call
Mortgage Assistance Solutions.
The advertisement also contained false
property recording information and identified “National Bank” as the
financial institution associated with the foreclosure. Idahoans who
complained to the Attorney General indicated that their homes were not
in foreclosure and that the consumers had never done business with
“National Bank.”
Mortgage
Assistance Solutions made
claims it could negotiate a better deal with a homeowner’s mortgage
lender than the homeowner can by dealing directly with the lender.
However, the company required a $1,200 payment before it would discuss
possible options with the consumer.
Under the settlement agreement, if
Mortgage Assistance Solutions
is found doing business in Idaho, it is subject to a $10,000 civil
penalty. The company reimbursed the Attorney General $1,700 in attorney
fees and costs. The company did not admit any liability under the
agreement.
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