Five loan modification companies, Inexperienced Tree Financial Group, Save Point Monetary, Rescue Firm, Problems Solutions, and Financial loan Retention Firm were definitely named as offenders in a lawsuit filled out by Ohio Attorney General Mike DeWine.? Your lawsuit alleges the fact that defendants, the owners of a California-based loan modification plan, took?thousands of dollars via Ohioans while falsely appealing to help them avoid foreclosure.?? A lot of these loan modification companies?will be accused of violating Ohios buyer protection laws. The actual lawsuit also?seeks restitution for consumers, a stop to any violations involving state law, and civil penalties.
The Ohio Lawyer Generals Office asserts that it is aware of at least 15 Ohio consumers exactly who lost money to loan modification companies which has an average reported burning was more than $2,000.
Attorney General DeWine said in the press release, These operators got thousands of dollars from clients and gave these individuals nothing in return.?They as well used multiple enterprise names, which made it tougher for consumers to detect the particular scheme. We wont tolerate those who take advantage of Oh families, and we alert consumers not to have faith in anyone who demands 1000s of dollars up front for guide avoiding foreclosure.
According to an examination by the Ohio Law firm Generals Office, the loan loan modification companies?advertised on the internet by phone offering to aid consumers obtain loan modifications to avoid foreclosure. The loan modification companies got advance payments associated with $995 to $5,495 but neglected to obtain loan modifications and failed to provide refunds. In some circumstances, the loan modification suppliers?allegedly claimed they can help consumers get hold of federal grants to aid with their mortgage payments, nevertheless they failed to obtain the funds. In other circumstances, loan modification companies?advised consumers their mortgages had been modified after they had not. Consumers at times were left from a worse financial position just after doing business with the loan changes companies. The Attorney Generals court action, filed in the Cuyahoga Regional Common Pleas Court, accuses?Mehdi Moarefian and Serj Geutssoyan?(operators of the loan modification organizations) of violating Ohios Purchaser Sales Practices Action and Debt Adjusters Action. Ohio Consumers whom suspect an illegal business practice need to contact the Arkansas Attorney Generals Office atwww.OhioAttorneyGeneral.gov and also 800-282-0515.
