First foreclosure suit targets Orlando Firm

Feb. 14, 2009 - PRLog -- A local firm offering loan modification services to homeowners facing foreclosure violated a state law that prohibits companies from charging an up-front fee for their services, according a lawsuit filed Feb. 13 by Florida Attorney General Bill McCollum.

McCollum named Orlando-based FMA Servicing Inc. and its owners in the suit filed in Orange County Circuit Court.

McCollum’s economic crimes division investigation revealed that FMA Servicing, which does business under the name Financial Management Advisors, charges an up-front fee as high as $2,500 to homeowners seeking loan modification services, the complaint said. The complaint also said the firm claimed affiliations with lenders such as Fannie Mae, Freddie Mac and Lending Tree, but couldn’t provide any document to support that affiliation.

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