Five Administrative Charges have been filed against entities for providing loan modification services without a license.
The entities served are:
Foreclosure Solution Specialists, Inc., 4699 N. State Road 7, Suite A-1, Tamarac, Florida 33319
Federal Housing Assistance Program, LLC 3601 West Commercial Boulevard, Suite 33, Fort Lauderdale, Florida 33309
Liberty Home Solutions, and Tyrone Copper, 2101 Vista Pkwy, #135, West Palm Beach, FL 33411
Keep Living in Your Home Inc., 2900 N. Military Trail, Boca Raton, FL 33431
Pierina Montana, P.A., d/b/a Saving Your Home, 6355 NW 36 Street, Ste. 602, Miami, Florida 33166
Companies providing loan modification services such as adjusting interest rates or any other such services must have an active license from the OFR. Any person or entity that continues to engage in loan modifications in this state without an active license is guilty of a felony of the third degree. This is punishable by a prison term of up to five years and a fine not to exceed $5000.
The Office of Financial Regulation (OFR) Commissioner Tom Cardwell specifically cautioned citizens against paying any up-front fees whatsoever for loan modifications, as that is illegal. “If your broker asks for any money up front, simply turn and walk away,” Cardwell advised.
“The new laws help us safeguard consumers and protect them from becoming victims of financial fraud during these difficult economic times,” said OFR Commissioner Tom Cardwell. “Many of our citizens find themselves in difficult financial situations, which make them easy prey for these corrupt individuals. Our goal is to ensure Floridians only pay for loan modification services that are a true benefit; not an unrealistic promise to solve their financial problems.”