Minnesota Department of Commerce takes action against unlicensed loan modification companies for deceptive business practices

ST. PAUL, MN – July 2, 2010 – (RealEstateRama) — The Minnesota Department of Commerce has taken action against two out-of-state loan modification companies for operating in Minnesota without a license and allegedly engaging in deceptive practices. “These two cases are just further examples of why we encourage all consumers to exercise caution when making decisions related to their financial situations,” says Manny Munson-Regala, Deputy Commissioner of Market Assurance. So far this year, the department has taken more than 50 enforcement actions against mortgage-related businesses, helping to ensure Minnesota consumers are protected from irresponsible and deceitful practices.