Important: Crack Down on Mortgage Modification and Foreclosure Rescue Scams
summary:
FTC, State Enforcers Sue Scammers, Warn Others; Announce Education Campaign Designed to Reach Borrowers Directly. The FTC is seeking to halt the proliferation of these mortgage relief scams ? which target distressed and vulnerable consumers who are delinquent or facing foreclosure ? through increased law enforcement, consumer outreach, and close coordination with federal, state, and non-profit partners.
?Scammers are taking advantage of people in a difficult situation ? people who are trying to modify their home mortgages or those who are trying to avoid foreclosure. We?re enforcing the law against these scam artists; we?re putting others on notice that unless they change their ways, they?re next; and we?re working with other government agencies, non-profits, and mortgage companies to reach out to our neighbors in distress with the details of how to get help,? said Chairman Leibowitz.
Click here to visit the Federal Trade Commission’s website to read more on this topic.
Consumer Alert (in adobe pdf format) from John Allison of the Department of Banking and Consumer Finance.
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