Andrew Cuomo
More than 180 mortgage rescue companies with New York customers will soon receive cease-and-desist letters signed by Andrew Cuomo, the attorney general’s office announced today. The letters are the result of an ongoing probe into the mortgage rescue industry, which charges that the companies in question illegally collected up-front fees from desperate homeowners facing foreclosure but never helped them lower their mortgage payments, as promised. “Today, we are putting mortgage rescue companies on notice — they must immediately cease any dishonest tactics used to prey on homeowners or they will face the consequences,” Cuomo said. According to his office, those dishonest tactics include charging up-front fees for consulting services, failing to fully disclose the purpose of fees in written contracts with homeowners, failing to allow homeowners to cancel their contracts within five business days of signing and using deceptive and misleading advertising. TRD