Colorado Attorney General John W. Suthers announced a settlement on Thursday with three Colorado foreclosure law firms for allegedly violating the Consumer Protection and Fair Debt Collection Practices Acts.
The law firms allegedly inflated foreclosure costs to consumers.
The firms and their owners include: Janeway Law Firm P.C. and Lynn M. Janeway; Medved Dale Decker & Deere, Foothills Title and Escrow Inc., and Toni M.N. Dale, Holly L. Decker and Heather L. Deere; and The Law Office of Michael P. Medved P.C. and Wise Posts LLC., and Michael P. Medved, Tracie D. Castanon, Beth A. Maloney and Patrick R. Maloney.
"We continue to uncover improper and deceptive billing practices by foreclosure law firms operating in Colorado,” Suthers said. “These inflated costs were passed on to homeowners trying to save their homes from foreclosure, successful bidders for properties at foreclosure sales, and to investors and taxpayers.”
The defendants will pay restitution, costs and fees to the state.
The Janeway Law Firm will pay $650,000, with an additional $350,000 waived upon compliance with the consent judgment. Medved, Dale, Decker & Deere will pay $150,000, with an additional $350,000 waived upon compliance with the consent judgment. The Law Office of Michael P. Medved will pay $1 million, with an additional $350,000 waived upon compliance with the consent judgment.