Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
FTC refunds $800K to consumers ensnared by mortgage relief scams
WASHINGTON (8/11/14)--More than 1,300 customers who fell prey to mortgage relief scams will be receiving checks totaling approximately $800,000. The Federal Trade Commission (FTC) announced that refund checks will be sent, though an administrator, to 1,305 consumers affected by two related scams.

In one scheme, a company using the name Precision Law Center alledgedly made false promises to consumers that if they sued their lenders along with other homeowners in so-called "mass joinder" lawsuits, they could obtain favorable mortgage concessions or stop the foreclosure process.

In the other, using names such as FreeFedLoanMod.org, HouseHoldRelief.org and MyHomeSupport.org, defendants charged consumers for "forensic loan audits," and allegedly misrepresented that they could use the results to force lenders to give them better mortgage terms.

According to the FTC, consumers should carefully evaluate offers of help in lowering their mortgage payments or saving their homes from foreclosure. It is illegal for anyone to collect money upfront for loan modification or foreclosure relief services.

Use the resource link for more information on mortgage relief scams.
RSS





print
News Now LiveWire
Consumer spending is slumping #Market #Economy http://t.co/RI4HS68IuJ
2 hours ago
April is #NationalFinancialLiteracyMonth & @TheNCUA Chair Matz urges #creditunions to help members learn to manage/protect their finances.
4 hours ago
Fed. FI regulators' statmnts on compromised credentials/destructive malware #cybersecurity http://t.co/f4uTBDm1PU http://t.co/zP5Iw6VxZc
5 hours ago
Home prices rising faster than wages: @RealtyTrac #NewsNow #Market http://t.co/wa74mnw3Cu
7 hours ago
.@Nussle dropped by the @ACUMuseum recently. Read about his visit http://t.co/bYe8RRgYLP
7 hours ago