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Ashland mortgage rescue firm faces fine
Thursday, 06 January 2011 10:15
At least twice last year, David Lies, the principal of Home Rescue Financial Services in Ashland, which was recently fined by the state for violating several laws regarding loan modifications, was a featured expert on The Real Estate Guys syndicated...
At least twice last year, David Lies, the principal of Home Rescue Financial Services in Ashland, which was recently fined by the state for violating several laws regarding loan modifications, was a featured expert on The Real Estate Guys syndicated radio talk show.
On March 28, the program was titled "Principal Reduction — The Holy Grail of Loan Modification."
"... So you can imagine we were VERY interested when our good friend David Lies said that he had found a principal reduction program that really works — even for investors!" blogged co-host Russell Gray.
"David gets out his treasure map and guides us to the location of one of the most elusive treasures in mortgage mitigation: how to turn negative equity into positive equity with no fees! What?!? REALLY? Wow! By now, we couldn't help ourselves. We wanted — correction — we NEEDED to know ALL the details, which David was kind of enough to provide. And while not everyone will qualify, for those who do this new program could just be the Holy Grail of Loan Modification."
While radio hosts gushed, listeners about to lose houses were hoping against hope.
One listener in Fort Worth, Texas, found Lies' ad on the Radio Guys website and called Home Rescue Financial Services, according to the Oregon Department of Consumer and Business Services.
Home Rescue collected $1,500 from the homeowner with the promise of helping stop a foreclosure and obtain a loan modification, but never delivered on those services.
Companies providing such services must be registered with DCBS as a debt management company or licensed as a mortgage broker — Home Rescue was neither registered nor licensed. In an order finalized Dec. 22, Lies and his firm were fined $30,000 and ordered to cease and desist violating Oregon's laws related to loan modifications.
A spokesperson for the DCBS said Lies is believed to have left his Grants Pass residence for California. Under terms of the default cease-and-desist order, he has until the fourth week of February to respond. If not, the matter will be turned over to the DCBS's collection department.
Efforts to reach Lies at three different numbers were unsuccessful. Two went to voice mail and a third was disconnected.
Dan Castellano, a former colleague of Lies, last saw Lies before Thanksgiving.
"He had been living with his dad," Castellano said. "He was moving and his dad was selling his house and going down south."
Castellano said he met Lies in 2008 when both were doing marketing work for a local company. He joined Lies in marketing Home Rescue Financial Services about a year ago. They worked in conjunction with Martorana Legal Services, an Ohio foreclosure defense law firm.
"As I understand it, the whole system was legit," Castellano said. "You can't stop a foreclosure sale on your own; that's why you need attorneys. Banks have to respond if an attorney files suit."
