Idaho AG Is Ensuring Boise Real Estate Market Is Secure

Boise real estate owners are trying to keep their homes and in so doing, seek loan modifications, but that is the top fraud complaint in the state right now. The attorney generals office is reporting that fraud reports regarding loan modifications are skyrocketing in 2009, right along with the default rate, which is up 89% from the prior year. Of the total number of complaints filed this year, this type comprised about 20% of them.

Many of the reports of fraud being reported are outrageous, says Lawrence Wasden, Idaho’s Attorney General. Many homeowners, who are desperate to keep their homes, are charged hundreds and sometimes thousands of dollars, although no attempt to change their loan is made. The legal wrangling has led to 2 filed lawsuits, and 3 settlements being agreed upon on behalf of consumers, through the Attorney Generals office. Many Boise real estate holders have been left without a plan when it comes to foreclosure because of these types of behaviors.

In order to help many Boise real estate owners receive the loan modifications they were hoping for, the Attorney Generals office even brought in a counselor as a resource. Additionally, free foreclosure guides were also printed up and handed out.

Efforts last year netted the largest amount of restitution ever recovered by the office – $7.4 million, about $12.14 for each taxpayer dollar budgeted for consumer operations, Wasden said. Collecting $5.9 million in additional civil fines, penalties and fees for the Idaho tax payer, the Idaho Attorney Generals office set records in that category too. The office also reached an agreement with the tobacco industry which brought in $31 million to state coffers from negotiations made in 1998. So far, this agreement has brought Idaho $254 million it wouldn’t otherwise have.

While only costing the state of Idaho $833,000 and bringing in a total of $44 million, the consumer affairs operations are a very positive force for citizens in general, but specifically for those who own Boise real estate. The office worked in a number of areas last year. Regardless of the size of the business, the attorney general pursued claims against pharmaceutical giants and small businesses alike. Refusing to be a respecter of monopolies or price fixing criminal groups, Idaho’s Attorney General allowed no slack. Not even price fixing vitamin companies were immune from their pursuit.

With over 900,000 phone numbers added to the “do not call” list, residents reported getting fewer and fewer calls from solicitors and marketing firms. The office also updated its ProtecTeens DVD to protect children from Internet sexual predators and plans to release it soon.

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