Spanish-Speaking Consumers Refunded in Mortgage Mod Case

The Federal Trade Commission is refunding more than $107,000 to Spanish-speaking consumers who lost money to Dinamica Financiera LLC, a company that sold bogus mortgage loan modifications or foreclosure relief services. The FTC banned the company from doing business in November 2010.

The defendants falsely promised Spanish-speaking consumers who were behind on their mortgage payments that they would stop foreclosure or obtain mortgage loan modifications.

They charged an upfront fee equivalent to each consumer’s monthly mortgage payment, but often failed to live up to their promises. Many people who paid them did not obtain modifications and ultimately lost their homes.

The 341 refund check amounts vary and each consumer will receive approximately 12% of their estimated loss in the scam. Those who receive the checks from the FTC’s refund administrator should cash them within 60 days of the mailing date. 

In November 2012, a federal court entered a summary judgment that included a $3.7 million judgment against Dinamica Financiera, Valentin Benitez and Jose Mario Esquer; a $1.3 million judgment against Soluciones Dinamicas Inc., Valentin Benitez, and Jose Mario Esquer; and a $394,000 judgment against Oficinas Legales de Eric-Douglas Johnson Inc., Valentin Benitez and Eric Douglas Johnson.