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In the following To view links in this forum your post count must be 10 or greater. Your post count is 0 momentarily. the Office of New Mexico Attorney General Gary King announced today that it has filed two separate legal actions that include stopping a foreclosure proceeding; seeking civil penalties; and restitution for alleged mortgage loan fraud. The lawsuits allege violations of the state’s Mortgage Loan Company & Loan Broker Act, Unfair Practices Act and Home Loan Protection Act.
The first case [To view links in this forum your post count must be 10 or greater. Your post count is 0 momentarily.] involves a 78-year-old Chimayo, N.M. woman, existing on a $501 per month Social Security benefit whose home is in foreclosure. The monthly mortgage payments are about $1500 per month for a $175,000 mortgage. In a complaint filed with the state, the woman claims her signature was forged and other mortgage application information was falsified. The Attorney General’s lawsuit seeks to stop the foreclosure and to sue for damages to prevent this from reoccurring. Deutsche Bank, US Bancorp, Saxon Mortgage Brokerage, North American Specialty Insurance Co., Orlinda Martinez, Angelica Duran and Mountain View Mortgage are listed as defendants.
In the second suit, [To view links in this forum your post count must be 10 or greater. Your post count is 0 momentarily.] defendants include Zia Trust Co, Discount Mortgage Co., Hartford Ins Co., Wendy and Mike Montoya and Robert L.Garretson. In this case, an elderly Los Lunas , N.M., couple filed a complaint with the Attorney General’s Consumer Protection Division alleging a fraudulent mortgage loan transaction in the amount of $42,000 and misappropriation of more than $10,000. The couple also alleges they were grossly overcharged for brokerage fees.
Both lawsuits were filed on behalf of the state Financial Institutions Division of the New Mexico Regulation and Licensing Department. The Massachusetts Attorney General recently filed suit to stop alleged preying on foreclosure targets in that state and a court order this week banned the foreclosure sale of any property in South Carolina that is guaranteed by Fannie Mae, Freddie Mac or any company that is part of a federal aide program.



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