For Immediate Release
Media Contact: Bob Cooper
Date: March 26, 2008
Wasden Bans Florida Foreclosure Rescue Company
(Boise) - Mortgage Assistance Solutions, LLC, a Florida foreclosure rescue company that sent advertisements to consumers claiming their homes were in foreclosure, can no longer do business in Idaho, Attorney General Lawrence Wasden said. Mortgage Assistance Solutions entered into a settlement agreement with the Attorney General that prohibits the company from advertising or engaging in any transaction involving an Idaho consumer or property in Idaho.
Idahoans filed complaints against Mortgage Assistance Solutions alleging that they were sent a direct-mail advertisement that stated, in bold, red letters: “FORECLOSURE COMPLAINT NOTICE.” The advertisement stated that the consumers’ homes were “scheduled to be sold at auction.” In order to avoid foreclosure, the consumers were instructed to call Mortgage Assistance Solutions.
The advertisement also contained false property recording information and identified “National Bank” as the financial institution associated with the foreclosure. Idahoans who complained to the Attorney General indicated that their homes were not in foreclosure and that the consumers had never done business with “National Bank.”
“Taking advantage of consumers’ fear of losing their homes is an unconscionable business practice,” Attorney General Wasden said. “If you are a homeowner who is facing possible foreclosure, I encourage you to contact a HUD-approved counseling agency to obtain free information on avoiding foreclosure.”
Mortgage Assistance Solutions made claims it could negotiate a better deal with a homeowner’s mortgage lender than the homeowner can by dealing directly with the lender. However, the company required a $1,200 payment before it would discuss possible options with the consumer.
Under the settlement agreement, if Mortgage Assistance Solutions is found doing business in Idaho, it is subject to a $10,000 civil penalty. The company reimbursed the Attorney General $1,700 in attorney fees and costs. The company did not admit any liability under the agreement.
Mortgage Assistance Solutions is operated by Michael Stoller, an attorney in Beverly Hills, California.
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