With the economy slumping and continued reports of high foreclosure rates, scammers find it a perfect opportunity to prey on homeowners and exploit their looming fears of a potential foreclosure.
A growing loan modification scam industry has caught the attention of the FTC and its partners who yesterday announced a massive federal and state crackdown on these con artists who are taking desperate homeowners' money -and leaving them with empty promises to save their homes.
The FTC and partners have launched "Operation Loan Lies" a joint effort to crack down on the that involves 189 actions by 25 federal and state agencies against defendants who deceptively marketed foreclosure rescue and mortgage modification services.
Yesterday the FTC announced four lawsuits, bringing to 14 the number of mortgage foreclosure rescue and loan modification scam cases the Commission has brought since April. Twenty-three state attorneys general and other agencies are participating in the operation, taking action against 178 companies engaged in these types of deception.
Along with the announcement of this crack down, the FTC released "Real People, Real Stories," the below video featuring people targeted by foreclosure rescue scams.
The FTC advises homeowners who may be facing foreclosure to avoid any company or individual that;
*requires a fee in advance;
*guarantees to stop a foreclosure or modify a loan, or
*advises the homeowner to stop paying the mortgage company.
More information about mortgages is available at www.ftc.gov/yourhome.
The FTC also urges homeowners in distress to seek assistance from HUD-certified housing counselors. Free help is available from the Homeowner's Hope Hotline at 888-995-4673.
A growing loan modification scam industry has caught the attention of the FTC and its partners who yesterday announced a massive federal and state crackdown on these con artists who are taking desperate homeowners' money -and leaving them with empty promises to save their homes.
The FTC and partners have launched "Operation Loan Lies" a joint effort to crack down on the that involves 189 actions by 25 federal and state agencies against defendants who deceptively marketed foreclosure rescue and mortgage modification services.
Yesterday the FTC announced four lawsuits, bringing to 14 the number of mortgage foreclosure rescue and loan modification scam cases the Commission has brought since April. Twenty-three state attorneys general and other agencies are participating in the operation, taking action against 178 companies engaged in these types of deception.
Along with the announcement of this crack down, the FTC released "Real People, Real Stories," the below video featuring people targeted by foreclosure rescue scams.
The FTC advises homeowners who may be facing foreclosure to avoid any company or individual that;
*requires a fee in advance;
*guarantees to stop a foreclosure or modify a loan, or
*advises the homeowner to stop paying the mortgage company.
More information about mortgages is available at www.ftc.gov/yourhome.
The FTC also urges homeowners in distress to seek assistance from HUD-certified housing counselors. Free help is available from the Homeowner's Hope Hotline at 888-995-4673.
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