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ftc loan modification scams

FTC is Looking to Put an End to Loan Modification Scams

by Moe Bedard

To combat fraud, the U.S. Federal Trade Commission seeks to ban foreclosure rescue and mortgage-modification-services companies from charging upfront fees.

Under a proposed FTC rule, the companies could get paid only after providing the services. Companies also would have to tell consumers the total amount they will have to pay and that there is no guarantee [...]

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FTC to Ban Up-front Loan Modification Fees

by Moe Bedard

FTC Proposes Rule That Would Bar Mortgage Relief Companies From Charging Up-Front Fees

The Federal Trade Commission moved to protect distressed homeowners from the promoters of bogus foreclosure rescue and mortgage modification services by proposing a new rule that would forbid companies to charge up-front for these services. Instead, companies could only collect payment after providing [...]

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Freedom Foreclosure Prevention Services Settles With the FTC for $5.4 Million

by Moe Bedard

FTC – The Commission has agreed to settlements in its case against Freedom Foreclosure Prevention Services, LLC that, pending court approval, would ban Jeffrey Segal and Michael Workman from working in the loan modification industry and bar them from misrepresenting material facts in selling any goods or services.

The settlements also would impose suspended judgments of [...]

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Operation Stolen Hope: 26 States Join Together to Combat Fraud

by Moe Bedard

Federal and State Agencies Target Mortgage Relief Scams
FTC Leads “Operation Stolen Hope” to Stop Fraud and Help Troubled Homeowners
Federal Trade Commission Chairman Jon Leibowitz, joined by U.S. Senator Harry Reid, Nevada Attorney General Catherine Cortez Masto, and Assistant Attorney General Tony West of the Civil Division of the U.S. Department of Justice, today announced Operation [...]

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Suspect Loan Modification Firm Hit with Civil Charges, Accused of Scamming Consumers

by Moe Bedard

Following an ABC News investigation that exposed a suspect California loan modification company taking thousands of dollars from desperate homeowners while providing little to no help with their lenders, civil charges have been filed against the Nations Housing Modification Center (NHMC), the Federal Trade Commission announced today.
Former NHMC employees told ABC News the company was [...]

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FTC Announces New Enforcement Actions In Continuing Crackdown On Mortgage Relief Services Scams

by Moe Bedard

The Federal Trade Commission today announced two new law enforcement actions in a continuing crackdown on mortgage foreclosure rescue and loan modification scams, bringing to 22 the number of these cases the Commission has filed since the housing crisis began. The FTC also announced developments in similar pending mortgage-related actions.
“Today’s challenging economy presents an opportunity [...]

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Freedom Foreclosure Prevention Services, LLC, Sued by the FTC

by Moe Bedard

Freedom Foreclosure Prevention Services and their group of kitchen table home savers look to be in a bit of trouble with the FTC. One thing is for sure, I am not surprised one bit!
I have been following the loan modification industry since early 2007 and this company has been trolling the foreclosure and loan modification [...]

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FTC Testifies on Efforts to Combat Foreclosure Rescue and Loan Modification Scams

by Moe Bedard

The Federal Trade Commission today told the U.S. House Subcommittee on Housing and Community Opportunity of the Committee on Financial Services that, with the rapid increase in mortgage delinquencies and foreclosures, the FTC has intensified its efforts to protect consumers from foreclosure rescue and loan modification scams. The FTC also recommended legislative and other remedies [...]

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