Focus 2000 Financial Corporation has reached an agreement in regards to its unlicensed loan modification program.
The State of Nevada alleged that Focus 2000 Financial Corporation operated a loan modification service without the proper licensing by the Nevada Mortgage Lending Division and took payment for services prior to the completion of the loan modification in violation of Nevada deceptive trade law.
As a result of the agreement, Focus 2000 Financial Corporation will agree to refund all monies paid by homeowners who did not have their loan modification completed and to pay a civil penalty of $5000. Focus 2000 Financial Corporation will provide documentation to show that refunds were paid as promised and has agreed not to engage in any loan modification or other credit repair activities without the proper licenses and permits.
“All loan modification services must be licensed and operate within the regulations established during the last Legislative Session,” said Nevada Attorney General Catherine Cortez Masto . “Any violators of this law will face consequences.“
The announcement was made by Nevada Attorney General Catherine Cortez Masto.