FTC Sends Refunds to Consumers Harmed by Foreclosure Relief Scheme

WASHINGTON, D.C. – April 5, 2013 – (RealEstateRama) — The Federal Trade Commission mailed 341 refund checks to Spanish-speaking consumers who lost money to scammers who promised to stop foreclosure or obtain mortgage loan modifications.  Under a summary judgment order, the Dinamica Financiera defendants were banned from selling mortgage loan modification or foreclosure relief services.

More than $107,000 is being returned to consumers.  The amount each consumer will receive will vary; the check represents 12 percent of each consumer’s estimated loss.  Those who receive the checks from the FTC’s refund administrator should cash them within 60 days of the mailing date.  The FTC never requires consumers to pay money or provide information before refund checks can be cashed.  Those with questions should call the refund administrator, Gilardi & Co., LLC, at 1-877-281-5622, or visit www.FTC.gov/refunds for more general information.

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.

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Federal Trade Commission

The Federal Trade Commission (FTC) deals with issues that touch the economic life of every American. It is the only federal agency with both consumer protection and competition jurisdiction in broad sectors of the economy.

The FTC pursues vigorous and effective law enforcement; advances consumers’ interests by sharing its expertise with federal and state legislatures and U.S. and international government agencies; develops policy and research tools through hearings, workshops, and conferences; and creates practical and plain-language educational programs for consumers and businesses in a global marketplace with constantly changing technologies.

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1-877-FTC-HELP (1-877-382-4357)

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