Cornerstone Title and Escrow, located in the 8100 block of Sandy Spring Road, is being investigated by the Maryland attorney general's office for allegedly using illegal practices to attract customers facing foreclosure.
A complaint was filed Oct. 30 by Attorney General Douglas Gansler in the Baltimore City Circuit Court against Cornerstone, In the House Technologies (a debt relief company in Upper Marlboro) and four individuals.
According to the complaint, the companies and individuals falsely promised homeowners facing foreclosure they would help them keep their homes.
State officials allege that in many cases, the customers ended up losing their property and having their equity stripped by the foreclosure rescue companies.
"They were taking title of the homes, refinancing them and getting the equity out, and then charging the homeowners higher rents than their mortgage payments, so they couldn't save money to keep their homes," said Gansler spokeswoman Raquel Guillory.
Cornerstone Title and Escrow has offices in Laurel, Washington, D.C. and Baltimore. Not associated with the much larger, California-based Cornerstone Title, the Laurel company provides various property title and settlement closing services, according to its Web site.
Sean Adecula, owner of the Laurel office, declined to comment on the allegations. But his attorney, Robert Gittins said, "All Cornerstone did was provide settlement services to clients and has nothing to do with foreclosures. Cornerstone did not provide services to save homes from foreclosure."
Gittins added that he is still reviewing the complaint and has 30 days to respond.
(by Gwendolyn Glenn, LaurelLeader.com)
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Hi! I work at CurrentForeclosures.com a foreclosures site. This type of activity is what caused the bubble to burst in the first place. Many explained that homeowners with marginal incomes were lured by low rates, then when the rates changed - boom! Homeowners could not longer pay.Refinancing are supposed to aid troubled homeowners not expedite foreclosures. For tips and industry updates, visit foreclosures site.
Foreclosures.com, one BIG SCAM. Dont ever give a credit card # to these people. you will be ripped off and very hard to get your money back.
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