FTC Sends Refunds to Consumers Harmed by Foreclosure Relief Scheme

Washington, DC - 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.

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