Colorado

Nov 25, 2009 8:15 AM by Associated Press

Colorado acts against 10 foreclosure-rescue companies

Ten more loan-modification firms have agreed to comply with Colorado laws or be barred from doing business in the state.

Colorado Attorney General John Suthers said Tuesday that the companies, nine of which are based outside Colorado, were accused of engaging in deceptive advertising or of collecting fees from Coloradans facing foreclosure without effectively modifying their loans.

Suthers' announcement coincided with the Federal Trade Commission's announcement Tuesday of a multistate sweep targeting mortgage relief scams. Suthers' office has taken action against a total of 17 firms this year in the crackdown.

In Colorado, only mortgage brokers or attorneys licensed in Colorado can perform loan modifications.

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