Nevada Fines Unlicensed Mortgage Lender
LAS VEGAS (AP) — An unlicensed Las Vegas company has been fined $50,000 for boasting it can help troubled homeowners get mortgage relief.
The Las Vegas Sun reports the state Division of Mortgage Lending ordered My State Processing, Minerva Young and David Young to stop promoting they can negotiate loans. The order also directs My State to refund $13,475 to six homeowners who never got any results from the company. The state’s cease-and-desist order bars My State from advertising itself as a loan modification or foreclosure consultant, and from conducting such business.
My State can ask for a hearing within 20 days to challenge the order. An attempt to reach the company or the Youngs was unsuccessful. Their listed telephone number was not in service.
Copyright 2012 The Associated Press.