Madigan sues 7 companies over mortgage schemes
St. Louis Business Journal
Illinois Attorney General Lisa Madigan sued seven so-called mortgage “rescue” companies late Monday and warned consumers about an alarming rise in these scams that prey on vulnerable homeowners on the verge of foreclosure.
Con artists targeted homeowners who have fallen behind on their mortgage payments and promised that, for an upfront fee, the scammers could negotiate with the mortgage lenders to reduce the payments and save their homes, the lawsuits allege.
In each suit, Madigan is seeking a permanent injunction preventing the defendants from engaging in mortgage rescue. Madigan is also asking the courts to award restitution to consumers and to order each defendant to pay a civil penalty of $50,000, additional penalties of $50,000 for each act committed with intent to defraud, an additional $10,000 for each act committed against a senior citizen, and costs for the investigation and prosecution of the cases.
Madigan filed lawsuits against the following companies:
- National Foreclosure Counseling Services, 7954 Baymeadows Way, Jacksonville, Fla.
- Foreclosure Solutions, 488 Pine Street, Burlington, Wis.
- Homestead Protection Services, 151 Southhall Lane, Maitland, Fla.
- Home Foreclosure Solutions, 17550 South Williamsburg Drive, Plainfield, Ill.
- Foreclosure Experts, 220 S. State Street, Chicago.
- Mason Capital Group, 18375 Ventura Blvd., Tarzana, Ca.
- StopMyForeclosure.net, 3914 Abbotsford Road, Rockford, Ill.
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