FTC Sends Refunds to Consumers Allegedly Deceived by First Universal Lending Mortgage Loan Modification Scheme

The Federal Trade Commission mailed more than 13,000 refund checks to consumers who were allegedly deceived by a company that claimed it would negotiate with lenders to modify the consumers’ mortgages and make them more affordable. To resolve FTC charges, First Universal Lending and its owners agreed to an order banning them from the mortgage relief services business.

The FTC alleged that the operators of First Universal Lending encouraged homeowners to stop making mortgage payments. The defendants charged consumers up-front fees, but then did little or nothing to help them, the agency charged.

The checks were mailed by an administrator working for the FTC. More than $723,000 was returned to consumers. The amount varied based upon the amount of each consumer’s loss. Those who receive checks from the FTC’s refund administrator should cash them on or before October 6, 2012. The FTC never requires consumers to pay money or provide information before redress checks can be cashed. Consumers with questions should call the refund administrator, Gilardi & Co., LLC, at 1-888-251-6825, or visit www.FTC.gov/refunds.

To learn how to avoid mortgage assistance relief scams, read the FTC’s Mortgage Assistance Relief Scams: Another Potential Stress for Homeowners in Distress and Mortgage Payments Sending You Reeling? Here’s What to Do.

The Federal Trade Commission works for consumers to prevent fraudulent, deceptive, and unfair business practices and to provide information to help spot, stop, and avoid them. To file a complaint in English or Spanish, visit the FTC’s online Complaint Assistant or call 1-877-FTC-HELP (1-877-382-4357). The FTC enters complaints into Consumer Sentinel, a secure, online database available to more than 2,000 civil and criminal law enforcement agencies in the U.S. and abroad. The FTC’s website provides free information on a variety of consumer topics.  Like the FTC on Facebook, follow us on Twitter, and subscribe to press releases for the latest FTC news and resources.

(First Universal Lending redress)

IR Press

Share
Published by
IR Press

Recent Posts

OCC Announces Enforcement Actions for November 2024

WASHINGTON—The Office of the Comptroller of the Currency (OCC) today released enforcement actions taken against…

16 hours ago

Treasury Sanctions Gazprombank and Takes Additional Steps to Curtail Russia’s Use of the International Financial System

Treasury imposes sanctions on dozens of Russian banks, securities registrars, and finance officials; OFAC issues…

1 day ago

Acting Comptroller Testifies on State of the Federal Banking System

WASHINGTON—Acting Comptroller Michael J. Hsu today testified on the state of the federal banking system…

2 days ago

Remarks by Assistant Secretary for International Finance Brent Neiman on the U.S. Cross-Border Payments Agenda

As Prepared for Delivery Thank you very much for the opportunity to be here today, and…

3 days ago

Remarks by Assistant Secretary for Investment Security Paul Rosen at the Third Annual CFIUS Conference

As Prepared for Delivery Good afternoon.  I’d like to start by thanking our panelists today for…

3 days ago