Mortgage Modifications Top Gripe Of Consumers Of Boise Real Estate

As Boise real estate foreclosures rose in 2009, so did the number of complaints from residents seeking mortgage loan modifications. Foreclosures were up 89 percent from the previous year, but complaints about modifications leapt from a handful in 2008 to 353 in 2009, according to the attorney general’s office. These types of filed complaints made up one fifth of all complaints received by the AG’s office this year.

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 legal wrangling has led to 2 filed lawsuits, and 3 settlements being agreed upon on behalf of consumers, through the Attorney Generals office. This kind of criminal act leaves nearly all homeowners in the Boise real estate market without any avenue to keep their homes.

The Attorney Generals office even brought in a counselor to help Boise real estate owners avoid foreclosure through modifications or other foreclosure remedies. Two free consumer handbooks were published.

Recovering restitution in the amount of $7.4 million from various consumer complaints, which amounts to $12.14 for every tax dollar allocated to the program, the Attorney Generals office worked hard for consumers. Topping any previous records, the AG’s office also collected $5.9 million in penalties, fines and fees for Idaho taxpayers. The office also reached an agreement with the tobacco industry which brought in $31 million to state coffers from negotiations made in 1998. To date, the state has received $254 million through the agreement.

Adding up the amount of money that the consumer affairs division brings in, minus the $833,000 in operations, and you have an excellent ratio for Boise real estate holders and citizens in Idaho in general. The department was very effective in the broad range of topics it worked in last year. It prosecuted and settled consumer protection cases with Eli Lilly & Co., other pharmaceutical manufacturers and several businesses. Refusing to be a respecter of monopolies or price fixing criminal groups, Idaho’s Attorney General allowed no slack. They even managed to reach an agreement involving a price fixing vitamin company.

Phone solicitors have had to adjust their tactics as well, with over 900,000 new phone numbers being added to the “do not call” list to avoid solicitations. Soon the office will release an important DVD which teaches children how to avoid sexual predators online, called “ProtecTeens”.

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