Arizona Attorney General Terry Goddard's office has filed lawsuits against two Phoenix-area businesses that Goddard said took advantage of struggling homeowners with empty promises to reduce the principal balance of their mortgage loans.
According to documents filed Monday in Maricopa County Superior Court, Goddard's office contends that Queen Creek Mortgage LLC, of Mesa, and Principal Reduction Group LLC, of Scottsdale, charged homeowners as much as $6,000 each to lower the amount of their mortgages.
The lawsuits allege that neither company successfully reduced even one client's mortgage principal.
The phone numbers for Queen Creek Mortgage and its manager, Ray Teerlink, appeared to be disconnected Monday. Messages left at the main number for Principal Reduction Group were not returned as of Monday evening.
According to Arizona Corporation Commission documents, Principal Reduction Group was founded in June by Brian Cutright and Ronald Cardon.
Goddard's lawsuit said the company falsely claimed a success rate of 92 percent.
by J. Craig Anderson The Arizona Republic Dec. 6, 2010 07:17 PM
Home-loan scam alleged in lawsuits
Saturday, December 18, 2010
Home-loan scam alleged in lawsuits
Real Estate News
Reuters: Business News
National Commercial Real Estate News From CoStar Group
Latest stock market news from Wall Street - CNNMoney.com
 |
Archive
-
▼
2010
(632)
-
▼
December
(48)
- Phoenix Real Estate Improves As Buyers Take Advant...
- Phoenix Home Prices Fall Over 10 Percent For The Y...
- Peter Schiff: Rising Rates Do Not Signal US Recove...
- Market Recap - Week Ending Thursday, December 23, ...
- 'Lost decade' can provide perspective
- Fed curbs could have cut small banks' ills
- Arizona's population: 6.4 mil
- Long way from dog days: 2011 might see record Dow
- Commercial real-estate was flat in '10
- Double dip is looming for Valley home prices
- Availability of affordable housing rentals to incr...
- Protest delays waterfront's request to boost height
- Market Recap - Week Ending December 17, 2010
- Russia-China Currency Deal Aims -- Sort of -- to D...
- Bankruptcy filings in Valley hit all-time record
- Foreclosure battle leads Gilbert homeowner to tang...
- Congress: End of the line for $8 billion in earmarks
- Arizona sues BofA for alleged mortgage fraud
- Protest delays waterfront's request to boost height
- Sweeping tax bill approved by Congress
- Developer pulls plan for north Scottsdale project
- Fed Cites Unemployment in Sticking With Bond Plan
- Maricopa County housing agency under fire
- Houston Real Estate Firm Adds Smartphone Technolog...
- Luxury-home sites sit empty, wait for buyers
- Despite new rules, bank complaints up
- Phoenix area high-end office space renting for less
- Phoenix area foreclosures hit 32-month low
- Main Street project faces foreclosure
- Phoenix area foreclosure info awaits investors
- $1.6 million awarded in Scottsdale land-use suit
- Meritage is No. 3 on builders' green list
- Elevation Chandler back on the market
- Home-loan scam alleged in lawsuits
- Tempe Marketplace project refinanced
- Former SEC chairman criticizes reform law
- How the Fed is Getting QE2 Wrong – The Anti Wealth...
- 20 hotels in Arizona get 'green' distinction
- Banks favor foreclosing over altering home loans
- Signings to buy homes went up 10.4% in October
- Projections low for Phoenix new-home sales in 2011
- Fed reveals aid deals for U.S., foreign banks
- Experts: Job growth shows Ariz., national economie...
- Is Phoenix on the 'road to full recovery'?
- Fund helps make rentals affordable
- It's no 'Wonderful Life' for county homeowners
- It's no 'Wonderful Life' for county homeowners
- Fannie Mae EVP calls for mortgage servicers to ado...
-
▼
December
(48)
Recent Comments
Posts
