~OFR order prohibits The Loan Critics, LLC, and its principal
from providing loan modification services in Florida~
(LoanSafe.org) TALLAHASSEE, Fla (March 25, 2010) – The Florida Office of Financial Regulation (OFR) issued and served an Order to Cease and Desist all loan modification services to The Loan Critics, LLC at 1737 Sunset View Circle, Apopka, Florida 32703, and James Palmer. The orders charge that the company is acting in violation of Florida laws (F.S. Chapter 494,) prohibiting unlicensed businesses or individuals from providing loan modification services. 

“We have a lot of people out of work and struggling to keep their homes that are looking for help.  Some are paying for services they never get,” said OFR Commissioner Tom Cardwell. “It is important that our residents know their rights and the laws that help protect them from being victimized in their time of need.”
The new law, effective as of January 1, 2010, requires companies and all individuals in the companies that are conducting loan modification services be properly licensed.  In addition, the law requires promised services and expected outcomes be provided in writing and no upfront fees be charged in advance of the client benefiting from the loan modification services.
The Office of Financial Regulation offers the following tips for consumers to identify potential fraud and avoid becoming a victim:
Do your research! Check the regulatory requirements the profession adheres to and confirm the person you are working with has a professional license. Also, check if any complaints have been filed against the company or individual.  Consumers can go to http://www.flofr.com/Downloads/licensecheck.htm and get up-to-date information on all OFR issued licenses.

Always get your agreement in writing and specify the services to be provided.
NEVER pay any upfront fees for loan modification services. It is illegal to charge consumers for any services until after they have been rendered.  
Immediately get help if you feel you have been victimized. Contact the Office of Financial Regulation at 1-800-848-3792 or go to http://www.flofr.com to file a complaint. 

The Office of Financial Regulation is dedicated to safeguarding the private financial interests of the public by licensing, chartering, examining and regulating depository and non-depository financial institutions and financial service companies in the State of Florida.  The Office strives to protect consumers from financial fraud, while preserving the integrity of Florida’s markets and financial service industries.  Please visit our website at www.flofr.com or call us toll free at 800-848-3792 or directly at 850-410-9898

Moe Bedard
My name is Maurice "Moe" Bedard. I am the founder of America's #1 Mortgage Forum, LoanSafe.org. My online work has been featured in the New York Times, LA Times, Fox Business, and many other media publications.