An Aurora-based for-profit loan-modification company agreed Wednesday to temporarily suspend its advertising while it faces charges of deceptive practices, according to a court injunction.
American Mortgage Consultants-AMC allegedly charged about 170 homeowners for services it never performed, according to an April 29 complaint filed by state Attorney General John Suthers’ office.
“The biggest red flag of what they were doing was accepting upfront fees of over $2,500,” said Mike Saccone, a spokesman for the attorney general’s office. Colorado law prohibits charging upfront fees for loan modifications.
The state alleges that the company, which is owned by Oliver Maldonado, collected about $400,000 in fees from homeowners between January 2009 and March.
Maldonado’s attorney did not return calls for comment Thursday.
Drew FitzGerald, The Denver Post
