Arkansas Securities Commissioner Heath Abshure on Monday issued a cease-and-desist order against a California company that failed to deliver on a mortgage modification after being paid $1,800 by a Springdale resident.
The order says Aria & Associates Inc. of Irvine, Calif., which does business as American Loan Assistance, has never been licensed to offer mortgage services in Arkansas, nor has a “loan counselor” named Alex Cortez, who worked with the unidentified Springdale resident.
Cortez, according to the commissioner’s findings, had promised to help the consumer identified only as AR1 reduce his mortgage interest rate by between 1 and 4 percentage points and debited the $1,800 from AR1’s checking account in three transactions during January, February and March.
“Despite full cooperation and numerous telephone calls from AR1, Aria failed to obtain any modification of AR1’s mortgage loan. In fact, AR1 has been unable to determine that Aria performed any real modification work on AR1’s behalf. Nevertheless, Aria has failed and refused to refund any amount of the $1,800 AR1 paid to Aria for loan modification services,” according to the order.
Scott Freydl, a staff attorney for the Arkansas Securities Department, issued a statement warning consumers about solicitations and offers – particularly from businesses with whom the consumer has no prior relationship.
Anyone will further information about Aria or Cortez is asked to contact Freydl at (501) 324-9266. – Source
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