N.Y. AG Targets Another 31 ‘Foreclosure Rescue’ Companies

Posted by Orb Staff on June 29, 2010 No Comments
Categories : Mortgage Servicing

rk Attorney General Andrew Cuomo has targeted an additional 31 companies as part of his investigation into mortgage rescue companies that falsely promise to help homeowners facing foreclosure. [link=http://albany.bizjournals.com/albany/stories/2010/06/28/daily9.html]The Business Review of Albany[/link] reports that Cuomo's effort follows his sending of 182 cease-and-desist letters last week to firms that promote themselves as offering mortgage rescue services. Cuomo stated that these firms illegally collect up-front fees without providing distressed homeowners with any assistance in reducing their mortgage payments. As of last month, 64,778 homes have been foreclosed on in New York. ‘The letters that we are sending out to mortgage rescue companies across the United States intend to stop bad companies in their tracks,’ Cuomo said. ‘Many of these companies take money from homeowners who cannot afford to pay it and make a bad situation worse.’ Cuomo is a former secretary of the Department of Housing and Urban Development and is the Democratic Party's candidate in the New York governor's race. SOURCE: The Business Review of A

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