Nevada Regulator Targets F'closure Rescue Operator w/ 'Cease & Desist' Order For Allegedly Clipping Homeowners For Upfront Fees, Unlicensed Activity

In Carson City, Nevada, the Las Vegas Sun reports:

• The state has filed a complaint against an unlicensed company that provides mortgage advice and advertises it can “stop a foreclosure within 48-72 hours.”



• The state Division of Mortgage Lending has issued an order against Sierra Foreclosure Solutions to “cease and desist” operating and to pay a maximum $25,000 fine. The complaint says the Sparks company and its officers Lawrence Day and Edmond M. Hodges conduct business as a covered service provider, which includes being consultants in foreclosures and loan modifications.



• Division Commissioner James Westrin said an investigation shows the company and its principals have never been licensed by the state. The investigation, Westrin said, showed the company charged homeowners an initial fee of $5,000 for its help. The company advertises it can help stop a trustee sale of a home in foreclosure and it can cut mortgage payments in half.



• A man who answered the phone at Sierra Foreclosure Solutions refused to identify himself and would not say if Day or Hodges were available to comment. Sierra Foreclosure, Day and Hodges have 20 days to contest the disciplinary action. Sierra is under Nationwide Lending LLC. The state also wants the company to pay $420 to cover the cost of its investigation.

Source: State orders company that advertises it can stop foreclosures to quit operating.