Boise real estate owners are trying to keep their homes and in so doing, seek loan modifications, but that is the top fraud complaint in the state right now. The attorney generals office is reporting that fraud reports regarding loan modifications are skyrocketing in 2009, right along with the default rate, which is up 89% from the prior year. Of the total number of complaints filed this year, this type comprised about 20% of them.
Idaho’s Attorney General has gone so far to say that the types of fraud being reported are outrageous. To make things worse, many home loans are not being modified by these companies, even though the property owners pay them lots of money to do so. The Attorney Generals office rapidly sought out and received three settlements and filed two lawsuits on behalf of citizens and victims. Many Boise real estate holders have been left without a plan when it comes to foreclosure because of these types of behaviors.
In order to help many Boise real estate owners receive the loan modifications they were hoping for, the Attorney Generals office even brought in a counselor as a resource. They even went as far as publishing and handing out a foreclosure guide.
The Idaho Attorney Generals office recovered just over 7.4 million dollars on behalf of Idaho taxpayers, which amounts to just over $12 per taxpayer dollar contributed by the state, according to Wasden. The attorney general also recovered $5.9 million in civil penalties, fees and costs, also the largest amount ever recovered by the office in that category. The state received $31 million in 2009 from the tobacco master settlement agreement negotiated between the office and tobacco manufacturers in 1998. Idaho has taken in an otherwise unseen $254 million as a result over the years.
While only costing the state of Idaho $833,000 and bringing in a total of $44 million, the consumer affairs operations are a very positive force for citizens in general, but specifically for those who own Boise real estate. The office worked in a number of areas last year. Regardless of the size of the business, the attorney general pursued claims against pharmaceutical giants and small businesses alike. Refusing to be a respecter of monopolies or price fixing criminal groups, Idaho’s Attorney General allowed no slack. Not even price fixing vitamin companies were immune from their pursuit.
The telemarketing industry as well, has been put on notice, with the addition of over 900,000 phone numbers to the protective ‘do not call” list. To add to it all, the office will soon come out with an instructional DVD on how teens can avoid being trapped by online sexual predators.
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