Oregon Attorney General John Kroger today announced that two Southern California firms, engaged in modifying consumer loans, illegally collected thousands of dollars in advanced fees from two Oregon customers who were seeking their services. Under Oregon law, no advanced fees over $50 are allowed for such transactions.
Kroger announced that as the result of two court orders, two Oregon property owners will be refunded $6,500 from Noah Savings Mortgage whom they approached to prevent their homes from being foreclosed on. Noah Savings Mortgage was also ordered to pay a $5,000 fine to the Oregon Department of Justice and was barred from doing any further loan modification work in Oregon. The order also stipulates that any further complaints will trigger another full refund of illegal advanced fees along with another $5,000 fine.
A connected company to Noah Savings Mortgage, Liberty Law Firm, was also banned from any future loan modification work in Oregon. Liberty Law Firm also agreed that if there are further complaints from Oregon consumers Liberty Law firm will give back any illegal advanced fees and pay an additional $5,000 fine.
In both cases, both firms denied any wrongdoing and Attorney General John Kroger reported both companies cooperated fully with the investigation.
Oregonians can call 1-800-SAFENET to find a nonprofit foreclosure consultant who will provide help at no charge.
For help with a loan modification problem, contact the Oregon Department of Justice through the consumer hotline: 1-877-877-9392, or website: www.doj.state.or.us, or consult an Oregon lawyer. To check if a loan modifier is registered, contact the Division of Finance and Corporate Securities at http://www.cbs.state.or.us/dfcs/.Share on Facebook