Thursday, September 22, 2011

Idaho Regulator Issues Cease & Desist Order Against Out-Of-State Loan Modification Outfit Alleging Upfront Fee Ripoffs

From the Idaho Department of Finance:

  • The Idaho Department of Finance announced the issuance of a cease-and-desist order today against Minnesota-based Freedom Companies Lending, Inc., for allegedly engaging in mortgage modification activities in Idaho without a license and targeting Spanish-speaking Idaho homeowners by unlawfully charging them large upfront fees.

  • Department of Finance Director Gavin Gee said Freedom Companies Lending goes by several different names, including "Freedom Financial Mortgage Corporation," "Freedom Companies, Inc.," and "Freedom Companies Marketing, Inc."

  • "We’ve had several Idaho homeowners report that they have lost a lot of money by responding to solicitations by these companies," Gee said. "They seem to be targeting Spanish-speaking homeowners, and they use a Chicago mailing address."

For the entire press release, see Minnesota Company Ordered to Cease and Desist Mortgage Modification Activities in Idaho.

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