Florida Regulators Shut Down Foreclosure Rescue Operator, Mortgage Brokerage

The Florida Office of Financial Regulation announces:

• The Florida Office of Financial Regulation (OFR) entered an administrative order [Monday] against Safe Harbour Foundation of Florida, Inc., Silverstone Lending, LLC and Peter J. Porcelli, II, of Clearwater, Florida. Safe Harbour Foundation operated as a not-for-profit corporation that aided homeowners facing foreclosure; Silverstone Lending is licensed in Florida as a Mortgage Lender; and Peter Porcelli is President of Safe Harbour Foundation and Principal Representative of Silverstone Lending.

• The OFR’S investigation disclosed that Safe Harbour, Silverstone Lending and Peter Porcelli were participating in a scheme to make loans that contained unauthorized and excessive fees often exceeding 30% of the face amount of the loan, all in violation of Chapter 494, Florida Statutes. The scheme was initiated when Safe Harbour Foundation sent letters to homeowners who were facing foreclosure, offering to help “save their homes from foreclosure”.

For more, see Office Of Financial Regulation Shuts Down Foreclosure Rescue Scheme.

Go here for earlier posts on Peter Porcelli.