Nevada Regulator Belts Unlicensed Loan Modification Operation With $50K Fine, Demand For Refunds, Accounting Of Fees Clipped From Homeowners

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

• The state is imposing a $50,000 fine on an unlicensed Las Vegas company accused of boasting that it can help troubled homeowners get relief from their loan burdens. The state Division of Mortgage Lending has issued an order for My State Processing, Minerva V. Young and David Young to stop promoting they can negotiate loans.
  
  
• The order directs My State, [...], to refund $13,475 to six homeowners who hired the company but never got any results. An attempt to reach My State or the Youngs was unsuccessful. Their listed telephone number was not in service.
  
  
• The state’s cease-and-desist order bars My State from advertising itself as a loan modification or foreclosure consultant and conducting that type of business. My State can ask for a hearing within 20 days to challenge the state order.
  
  
• The order directs My State to pay the $50,000 fine within 30 days and orders the company to submit to the state a list of every client, their contract and the amount paid to the Las Vegas firm. The division also ordered My State to reimburse the state $1,020 it spent in its investigation.

Source: State imposes $50,000 fine on company advertising mortgage relief.