Washington Attorney General Rob McKenna has announced a settlement reached with three foreclosure rescue operators accused of taking advantage of financially distressed homeowners, according to the Press Release issued by the AG's office. They have also announced the filing of civil charges against two other individuals involved in the matter.
Fiscal Dynamics, Inc. and Cumulative LLC, of Tacoma; and Northwest Assets, of Seattle, have agreed pay a total of $290,000 in consumer restitution. Walt Scamehorn, owner of Fiscal Dynamics and Cumulative, and E. Arliss Morgan, owner of Northwest, have also agreed to the terms of the settlement. While agreeing to make the settlement, all those charged have denied wrongdoing.
The operators were charged, in a civil lawsuit filed by the AG in December, with unfair or deceptive acts or practices
involving "overage plays" (attempts to scam homeowners out of the surplus money, or "overage" that results when the proceeds of a foreclosure sale exceeds the amount owed to the foreclosing mortgagee), "partial interest trusts", and abuses and omissions when undertaking to act as a fiduciary. In addition, they were also accused of colluding to manipulate sale prices at a public auction
and deceptive advertising
Reportedly, more than 100 consumers may be entitled to receive restitution.
The new charges filed by the AG's office are against Joseph Kaiser, of Tacoma, and Tina Worthey, of Burien.
To read more, see the Washington AG's Press Release
Click here for a copy of the Civil Complaint - State of Washington vs. Fiscal Dynamics, Inc., et al.
(Describes in detail the nature of the alleged conduct)
See also Washington Attorney General Sues, Settles with Real Estate Investors for Mortgage Foreclosure "Rescue" Violations,
report on All American Patriots
See also 3 'foreclosure rescue' firms agree to settle
, reported by the Seattle Post-Intelligencer
Thanks to the Washington AG's office for making their civil complaint available online..