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Pennsylvania Takes Action Against Mortgage Mod Companies

The ""Pennsylvania Department of Banking"":http://www.banking.state.pa.us recently ordered four out-of-state mortgage modification companies to stop engaging in unlicensed activity in the state.
The department issued cease and desist orders against Consumer Loan Modification of Arizona, U.S. Settlement Services of Florida, and Federal Loan Modification Law Center LLC of California. The state regulator said all three companies advertise on their Web sites to refinance mortgage loans in Pennsylvania, where they are not licensed to do so. The companies have until the end of April to appeal the order.
The agency also entered into a consent agreement and order with Nationwide Foreclosure Prevention Center, LLC of New Jersey and its owner, Robert P. Valentin, to stop doing business in Pennsylvania, and fined the company $2,000 for its recent activity in the state. The state's banking department said Valentin is prohibited from engaging in the mortgage business in Pennsylvania for five years and has been ordered to refund fees that he collected from Pennsylvania homeowners. The department also cited Valentin for unlicensed activity in 2008 under the company name Justice Mortgage.
The Pennsylvania Department of Banking said homeowners should be aware that they can receive free help from a certified housing counseling agency by contacting the ""Pennsylvania Housing Finance Agency"":http://www.phfa.org, or speak directly with their loan servicer to discuss options to avoid foreclosure.

About Author: Carrie Bay

Carrie Bay is a freelance writer for DS News and its sister publication MReport. She served as online editor for DSNews.com from 2008 through 2011. Prior to joining DS News and the Five Star organization, she managed public relations, marketing, and media relations initiatives for several B2B companies in the financial services, technology, and telecommunications industries. She also wrote for retail and nonprofit organizations upon graduating from Texas A&M University with degrees in journalism and English.

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