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FTC permanently bans brazen mortgage modification scammers

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Share This Page. A Florida-based scammer will be banned from the mortgage modification business as part of a settlement resolving Federal Trade Commission charges that he tricked financially strapped consumers into paying for mortgage-relief services that he never provided. "Years after the economic meltdown, the FTC is still exposing.

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FTC Permanently Bans Scammers From Mortgage Industry. provided by. Published 9:00 am CDT, Friday, September 2, 2016 MoneyTips. The U.S. Securities and Exchange Commission oversees cases involving.

A series of "law firms" and the individuals who did business on their behalf are now banned from operating in the mortgage business, after the Federal Trade Commission found that the companies were falsely promising financially distressed homeowners they would receive legal representation to prevent foreclosure or lower their mortgage payments and interest rates.

– The Consumer Financial Protection Bureau (CFPB), the Federal Trade Commission (FTC), and 15 states announced a sweep against foreclosure relief scammers that used deceptive marketing tactics to rip off distressed homeowners across the country. The Bureau is filing three lawsuits against companies and individuals that collected more than $25.

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The Mortgage Assistance Relief Services (MARS) rule was created to protect consumers from these types of scams. Check out the compliance guidelines of the MARS rule before searching for any mortgage relief services.. The guidelines, written from the business compliance perspective, can help you easily spot when a scammer is doing something blatantly illegal – such as advising you not to.

Mortgage brokers want to educate Consumer Reports Understand mortgage fees and the ideal credit score for a mortgage. Educate yourself about what impacts your credit scores. understand how your credit score plays a crucial role in You have three different credit reports, one for each of the three credit bureaus-TransUnion, Experian and Equifax.

FTC bans hundreds of mortgage assistance and debt relief operations. The FTC has sued over 500 companies and individuals who broke the law. Nearly 300 of them have been banned, and there have been hundreds of millions of dollars in judgments. And now that list is public, along with the details of the cases.

Mortgage relief scams have become more common as of late, but a number of homeowners are unaware of these fraudulent activities and their consequences. These scams begin when the scammer calls a homeowner and claims they can help the consumer negotiate a loan modification or some other type of foreclosure relief with the homeowner’s mortgage service.