Firm Sued by State Operating Here Too

August 21, 2013
Sarasota Herald-Tribune (FL)  
mortgage lending news

Records show that Whitestone Capital Trust LLC, a foreclosure rescue firm being sued by Florida's attorney general over unfair trade practice allegations, took over nearly a dozen distressed properties from borrowers in Southwest Florida. AG Pam Bondi filed a lawsuit in Broward County to shut down the Coral Springs-based firm, which was organized by Nicholas Torgerson and markets itself as a mortgage relief program.

One year ago, Bondi received an injunction to close a Boca Raton foreclosure rescue group, also managed by Torgerson, after allegations that he promised to negotiate loan modifications on homeowners' behalf in exchange for thousands of dollars in upfront fees and the deeds to their homes. The AG's lawsuit alleges that Torgerson's firms used public-record searches to find delinquent and underwater homeowners, who received little if any legitimate help for their advance fees. Florida law forbids businesses from accepting any money from borrowers before reaching a mortgage modification with the bank.

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