Idaho Finance Regulator Targets Alleged Loan Mod Racket Accused Of Unlicensed Activity & Scamming Upfront Fees From Homeowners With C & D Order

In Boise, Idaho, the Idaho Press Tribune reports:

• The Idaho Department of Finance announced [...] it issued a cease and desist order against a Meridian-based International Co-op LLC, a mortgage loan modification company, for engaging in unlicensed mortgage loan modification activities and for illegally charging distressed Idaho homeowners exorbitant upfront fees. Gavin Ge, director of the Idaho Department of Finance, said the department has received complaints from three Idaho homeowners who had paid the company $1,500 to $2,000 on the company's representation that it would assist the homeowners obtain mortgage loan modifications. "On top of the company's failure to obtain a license, the affected Idaho homeowners received nothing for their money and are worse off than they were before," Gee said.

For the story, see Officials: Meridian-based company preyed on distressed homeowners.

From the Idaho Department of Finance:

• Order to Cease & Desist: State of Idaho v. International Co-Op LLC,
• Press release: Department of Finance Orders Meridian Mortgage Loan Modification Company to Cease Further Business Activities.