Friday, May 09, 2008
Idaho Dept of Finance Issues Shuts Down Bait And Switch Scheme
Assurity Financial Services, LLC, was issued an Order to Cease and Desist by the Idaho Department of Finance for sending mailers to Idaho residents entitled “Refund Notice,” suggesting that recipients’ current adjustable-rate mortgage may have been the subject of errors in principal and interest calculations. The mailer indicates that “A Refund Audit Specialist will be able to help you determine your correct principal and interest payment and assist you in collecting any refund that you may be legally entitled to.” In fine print at the bottom of the document, the homeowner is informed that their consultation may include a solicitation for a home loan.
Assurity does not appear to possess any specific information suggesting that those homeowners receiving the Refund Notice did in fact have errors in their principal and interest calculations. Consumers responding to Assurity‘s Refund Notice report that they were advised to refinance their mortgage through Assurity Financial.
“This is a classic bait and switch,” Gavin Gee, Director of the Idaho Department of Finance, said. “This marketing ploy takes advantage of the fact that when lenders record certain mortgage loan documents with the county, they become public records. Mailings are then targeted to homeowners and contain just enough correct information to mislead a consumer into thinking the sender actually is knowledgeable about the consumer’s loan. In this case, if the consumer takes the refund ‘bait’ and calls, they are ‘switched’ to a solicitation to refinance their mortgage with Assurity.”
The Department determined that the mortgage loan solicitations were misleading and deceptive and in violation of the Idaho Residential Mortgage Practices Act. The order directs Assurity Financial to cease violating the Idaho law and cease engaging in advertising that is misleading, confusing, false and deceptive.
mortgage fraud
I was one of these people that was contacted by Assurity Financial Services regarding a Refund and when I contacted them they said that I qualified for a 30 year fixed rate and they were scheduling to have an Appraiser come to my home. I told them that I did not want my credit run because I had already had numerous hits on my credit and he guaranteed me that my credit would not be run. After scheduling the appraiser to meet me at my home the representative from Assurity Financial called me and told me that since I had a previous BK on my credit file that they could not help me. I did not give him permission to run my credit yet he knew what my credit file revealed. He never asked me on the phone if I had a BK so he had to have run my credit without my permission. Isn’t there a law against this as it takes points off my credit file and makes it difficult for me to get approved because of my credit score and the number of inquiries on my credit file. What rights do I have regarding this pressing charges against this company?
Posted by on 01/02 at 02:34 PM
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Posted by on 08/21 at 07:51 AM
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Posted by on 10/03 at 04:48 AM
What happen next to it’s customer? Do they get their money back? I’ve been in the same case with a certain insurance company, but everything is ok now.
Posted by on 10/04 at 11:45 PM
This is a great article i have ever read. I like your point of view and others info. This is great. Thanks for the sharing with us. Great work man. Keep it up.
Posted by on 10/09 at 09:32 AM
Mailings are then targeted to homeowners and contain just enough correct information in this article.But if u show the finance map it will be easy to understand.
Posted by on 11/08 at 08:03 AM
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Trial coverage provided by Anne Mitchell, Crazy Fish Realty.
F. Jeffrey Miller Update - October 20, 2009
A hearing was held in Topeka, Kansas in front of Judge Julie Robinson. Miller is currently being held pending his sentencing which is set for December 22nd, 2009 at 9:00 a.m.. Steve Vanatta and Hallie Irvin, Miller's codefendants, will be sentenced at that time also.
Several motions were heard this week. One was a motion for Miller to be released pending his sentencing. Miller's attorney, Jeff Morris, argued that the court had dismmissed with predjudice the matter involving Miller's purchase of a commercial lawnmower, violating the court ordered monitoring agreement. He also argued that Miller was not a flight risk and should be released. This motion was denied.
Another motion heard by Judge Robinson was that of an escrow account containing proceeds from the sale of Miller's forfeited assets. This account has a balance of $143,000. Attorney Morris argued that his firm was due $100,000 for work done in the Miller matter, to date. The government argued that his 'un-itemized fees' were 'exhorbitant'. The balance of the funds, Morris argued, should be released to the Miller family to help pay for mounting household expenses.
The government argued that the 'Asset Forfeiture Provision' applies down to 'the last penny' and that 'the rights of the victims to made whole are of paramount immportance' and that no routine household expenses like Visa bills, are allowed.
Attorney Morris argues that there is more than enough assets to satisfy the jury's judgement of $2.65 million dollars. The government argues that the estimated value of his assets are only $1.4 million.
The government also stated that Miller has been paid dividends from a company Miller has an ownership interest in; Boreflex. From July, 2008 to present, Miller has been paid $330,509.30 from Boreflex, unbeknownst to the court appointed monitor.
Present in the courtroom was Todd Earnshaw. Earnshaw was indicted along with Miller and others in what is commonly referred to as 'Miller I'. That trial is scheduled to begin on January 11, 2010 in Topeka, Kansas.
More Trial Coverage
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Rachel Dollar, the editor of Mortgage Fraud Blog, is an attorney and Certified Mortgage Banker who handles litigation for lending institutions and secondary market investors. She is an author and a nationally recognized speaker on the topic of mortgage fraud. Ms. Dollar is a shareholder with the law firm of 
