Categorized | Residential

Homeowners Set to Receive Payout from Real Estate Resolutions

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After more than a year of litigation, Real Estate Resolutions LLC has finally agreed to pay out nearly seven thousand dollars to homeowners. The lawsuit against the Virginia Beach-based company stemmed from the illegal upfront fees that were charged to various homeowners who were facing foreclosure. According to the lawsuit, the company never rendered the promised services after taking the money.

The actions that the company took with respect to charging an upfront fee for services related to foreclosure prevention were in violation of a Virginia law, and thus, played a large role in the foundation of the lawsuit. Five homeowners will receive the money from the lawsuit as a result of Real Estate Resolutions illegal actions.

This is not the first time that the state of Virginia’s attorney general’s office has reached a settlement with a company due to the violation of the law. Nationwide Loan Modification Bureau, and also American Neighborhood Housing Foundation violated the same law. Both companies agreed to large settlements, totaling over fifty four thousand, and one hundred and nine thousand respectively.

These foreclosure prevention companies have been the subjects of great scrutiny over the past two years, as many believe that they are engaging in unethical, and even illegal practices. These lawsuits certainly do not help bolster the reputation of any of the three companies. They were initially established at the beginning of 2009 once the foreclosure problems came to surface in the state of Virginia. While Real Estate Resolutions’ settlement involves a minimal payment, it will most definitely send a message out to similar companies that any such illegal practices will not be tolerated.

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About Josh Johnson

Josh is the main writer for the Residential category. He also helps out on other categories when needed, mainly the International section.

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