Foreclosure Crisis Prompts ACORN to Stage Protest Demonstrations
Posted on April 7, 2009
Filed Under Mortgage | 13 Comments
The foreclosure crisis has prompted ACORN to stage protest demonstrations in front of a loan modification firm based in Uniondale. The latter were accused of taking exorbitant upfront fees from foreclosure victims without giving them any relief. Nearly 20 ACORN activists crowded in front of AmeriMod’s office located on Earle Ovington Boulevard.
One of the demonstrators was Claudette Broderick – an unemployed nursing assistant. She complained that when she went to AmericMod in February 2008 she was lagging behind a month in her mortgage payments. She demanded that the firm return in full $4,100 that she had paid given to them to help her out of the foreclosure situation.
Another house owner from Bay Shore said AmeriMod had wanted $4,000 has upfront charges. She had paid but never got back the same even though she lost her home.
The regional director of the AmeriMod Steve Clarno argued that each and every client could not be given satisfaction. Asked about the upfront fees he said that these were legal.
Last September the state enforced a law that loan modification firms could not take fees without delivering their promises. This law was set in motion because of thousands of complaints rolling in of foreclosure rescue scams.
At a later date, Sal Pane Jr. – the president of the firm admitted that Clarno had made a mistake in answering a query about pay grade. The practice of escrow is legal.
ACORN had targeted this particular company because of the number of complaints received against it.
The increasing nature of complaints and the confusion relating to payments highlight the fact that with foreclosures, foreclosure-rescue firms have become a booming industry. They resort to aggressive advertising on the Internet and via the media making tall promises to catch the traumatized foreclosure victims. They promise 100% satisfaction, charge 1% fees and are safe because in New York they do not require any licence to operate.
AmeriMod had made its debut two years ago marching on to become a success story because of its “good morals” said Pane. He added, “It troubles me – these people take the pain that they’re going through with their foreclosure proceedings and they reflect them upon us, even though we are doing everything we can to help them out.”
The Attorney General of New York said that it was keeping its eyes and ears open about the mushrooming of such firms and would not hesitate to take appropriate steps.
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