New Foreclosure Plans Targeted By Swanson

"Attorney General of Minnesota, Lori Swanson, filed lawsuits against two firms

saying that they took advantage of people whose properties were being foreclosed upon or who were about to face such circumstances and were looking for mortgage modification. These accused firms used a new kind of advance-fee mortgage modification con that tried to take unjustifiable benefits of such schemes by showing that the new tactic was a good mode of helping the distressed house owners.

During the last two years, Swanson has filed 19 suits against mortgage modification swindles, but this is a new kind of twist that she has come across. It is expected that more of such cases will be filed in the near future. She said, We continue to see them try to evolve, kind of like amoebas evolve their form.

The last lawsuit was filed in Hennepin County District Court. The Balanced Legal Group, a law firm in Los Angeles and a lawyer from California named Deepak S. Parwatikar provided mortgage modification services to people in Minnesota without having a license for doing so. It had been reported that they charged a fees of $3,500, and sometimes even more, from the clients for their services. Swanson said it was against law.

The website of law group states that thought the troubled homeowners should take advice from attorneys for their dealings with lenders must be aware of the law firms and brokers who work by means of boiler-room operation.

According to the suit, the other firm did business under a disguised name of Housing Recovery Program. The suit further states that though this firm considers itself to be a tax-exempted firm having government approval, it is nowhere registered as such. Moreover, even after claiming that it offers free of cost services, it solicits a donation of amount $2,300 before they start starting working with their clients."

Original Post: New Foreclosure Plans Targeted by Swanson

by: Adam Sanderson

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