Wednesday, 24th November 2010

FTC Issues Final Rule to Protect Struggling Homeowners from Mortgage Relief Scams

FTC Issues Final Rule to Protect Struggling Homeowners from Mortgage Relief Scams
Source: Federal Trade Commission

Homeowners will be protected by a new Federal Trade Commission rule that bans providers of mortgage foreclosure rescue and loan modification services from collecting fees until homeowners have a written offer from their lender or servicer that they decide is acceptable.
...
The FTC is issuing the Mortgage Assistance Relief Services (MARS) Rule to protect distressed homeowners from mortgage relief scams that have sprung up during the mortgage crisis. Bogus operations falsely claim that, for a fee, they will negotiate with the consumer’s mortgage lender or servicer to obtain a loan modification, a short sale, or other relief from foreclosure. Many of these operations pretend to be affiliated with the government and government housing assistance programs. The FTC has brought more than 30 cases against operations like these, and state and federal law enforcement partners have brought hundreds more.

+ Text of Federal Register Notice (PDF)

See also: FTC Announces Series of Actions Against Mortgage Relief Operations Charged with Deceiving Distressed Homeowners

Category:

• Business and economics (DocuTicker)
• Consumer issues (DocuTicker)
• Crime (DocuTicker)
• Government and politics (DocuTicker)
• Housing and real estate (DocuTicker)
• Legal and law enforcement (DocuTicker)

Source:

• Federal Trade Commission

Views: 963

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