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Foreclosure rescue scam victims will get payments from state fund

Attorney General Bill Schuette announced that more than 112 victims of a foreclosure rescue scam in Michigan will be helped after the state prosecuted a company for making misleading or false statements to homeowners.

A state fund will give  $115,000 to victims who paid between $595 and $3,000 to Hope4Homeowners, Schuette said in a statement last Friday.

“These funds will help victims of the mortgage foreclosure cases we’ve prosecuted get their money back, when they would otherwise be left with nothing,” Schuette said.

Hope4Homeowners guaranteed to prevent foreclosure and asserted consumers could avoid foreclosure regardless of their credit score, home appraisal or debt-to-income ratio. Michigan law prohibits charging fees to homeowners before completing services when negotiating loans.

In 2009 Help4Homeowners was charged in OaklandCounty. The group was convicted of three counts of violating Michigan’s credit services law.

“Homeownership is a fundamental part of the American dream,” Schuette said. “We will continue to aggressively investigate allegations of criminal misconduct by mortgage foreclosure scammers and advocate for Michigan families.” 

In August, Attorney General announced the launch of a $7.5 million victim compensation fund with money that Michigan received from the National Mortgage Settlement. That agreement resolved accusations that five mortgage servicers routinely signed foreclosure-related documents without proper verification.

 

 



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