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Florida AG Targets Orlando Foreclosure Rescue Firm: “Financial Management Advisors”

by Mike on February 16, 2009

Florida AG Bill McCollum has set his sights on an Orlando-area firm offering loan modifications:

A local firm offering loan modification services to homeowners facing foreclosure violated a state law that prohibits companies from charging an up-front fee for their services, according a lawsuit filed Feb. 13 by Florida Attorney General Bill McCollum.

Among other things, the lawsuit states that FMA:

…require homeowners to pay an up-front fee before the Defendants will render any loan modification and foreclosure-related rescue services. Upon Plaintiff’s information and belief, the up-front fee charged by Defendants can be as high as $2,500 (Two Thousand, Five Hundred Dollars).

So what do you get for that $2,500.00? Apparently, nothing:

Upon Plaintiff’s information and belief, Defendants are not providing homeowners with the contracted-for services.

FMA also stands accused of false and misleading advertising, including fake testimonials, false claims of affiliation with lending agencies, and false claims to having attorneys on staff.

Download the complaint [PDF]

Want to know more? Contact us at Ricardo & Wasylik, PL.

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