Minnesota Company Ordered to Cease and Desist Loan Mod Activities in Idaho
The Idaho Department of Finance has issued a cease-and-desist order against Minnesota-based Freedom Companies Lending Inc. for allegedly engaging in mortgage modification activities in the state of Idaho without a license and targeting Spanish-speaking Idaho homeowners by unlawfully charging them large upfront fees. Department of Finance Director Gavin Gee said Freedom Companies Lending goes by several different names, including: Freedom Financial Mortgage Corporation, Freedom Companies Inc., and Freedom Companies Marketing Inc. “We’ve had several Idaho homeowners report that they have lost a lot of money by responding to solicitations by these companies,” Gee said. “They seem to be targeting Spanish-speaking homeowners, and they use a Chicago mailing address.” The cease-and-desist order includes 30 counts of alleged violations of Idaho law by the so-called “Freedom” companies, including multiple acts of unlicensed activity and false or misleading advertising. “These companies are not licensed to do business in Idaho, plain and simple,” said Gee. “If they try to get you to pay upfront for mortgage modification services, hang on to your pocketbook.” Gee said homeowners having difficulty paying their mortgage should not delay in seeking assistance from a housing counselor approved by the U.S. Department of Housing & Urban Development (HUD).