March 13th, 2009 by Reed Allmand 
According to an article in the Star-Telegram, 351 Texas homeowners have been paid restitution by a Florida firm accused of fraudulently promising to help them avoid foreclosure. Foreclosure Assistance Solutions (FAS) paid 351 Texas homeowners more than $390,000 (total, not per person) and is banned from doing business in Texas in the future
The article said:
FAS was accused of defrauding struggling homeowners by promising to help them avoid foreclosure. Prosecutors said the firm pressured homeowners to pay a fee and enter a contract prohibiting them from contacting their mortgage lenders.
Many of these Texans lost their homes to foreclosures and the amount of money these homeowners were paid (average of $1,111 each if they received equal compensation) is not nearly enough to makeup for a home lost to foreclosure. Losing a home to foreclosure is very costly. Foreclosure is a black mark against a homeowner’s credit record and may even prevent them from finding a rental with reasonable terms. Companies that engage in foreclosure rescue scams need to receive the harshest punishment available under the law.
If you are a homeowners facing foreclosure do not fail for these foreclosure rescue scams. Bankruptcy is one of the few LEGAL ways to stop the foreclosure process and get an opportunity to save your home. If you are facing foreclosure ignore the scammers and contact a bankruptcy attorney today.
About Reed Allmand
Allmand's vision is rooted in his own financially precarious childhood in Abilene "My father always had difficulty holding a job and supporting our family, so after my parents divorced when I was 12, my sister and I got jobs to help make ends meet," he recalls. "I remember what it felt like as a child to worry that our car would be repossessed or home foreclosed on."
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