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Tag Archives: mars

American Mortgage Consultants and Home Guardian Solutions Charged With Allegedly Screwing Consumers by FTC

The FTC alleged that since early 2011, the defendants claimed a phony affiliation with the U.S. government, pretended to be attorneys, and promised to substantially lower monthly mortgage payments in exchange for an up-front fee ranging from $1,495 to $4,495. Along with two companies he controls – American Mortgage Consulting Group, LLC and Home Guardian Management Solutions, LLC – defendant ... Read More »

New Life Financial Solutions, 1st United Consultants, and Expense Management America Exposed by Get Out of Debt Guy and Nailed by FTC

As far back as early 2011, the GetOutOfDebt.org site has been publishing information about and warning consumers about suspicious and concerning practices by a number of interrelated companies promising financial help and foreclosure relief. These schemes were not uncovered by the site alone. Readers and insiders also sent in critical information that led to the unraveling of the operations. From ... Read More »

Mortgage Modification and Foreclosure Rescue Companies Hammered by FTC

The Federal Trade Commission has announced some sweeping actions to protect homeowners that have been harmed by companies promising mortgage assistance but who allegedly only took money and ultimately didn’t deliver the help and outcomes promised. Prime Legal Plans/Reaching U Network. The FTC alleged that from at least mid-2010, the defendants behind this scheme marketed mortgage relief services in English ... Read More »

CFPB Sues Lawyer and Law Office for Loan Modification Services

It appears the Consumer Financial Protection Bureau, under Enforcement Director, Kent Markus, is finally taking the gloves off and going after debt relief groups. This action moves against a law firm and lawyer that was working with outside parties to sell advanced fee loan modification and foreclosure resue services. According to Loeb & Loeb, “The CFPB sought and obtained a ... Read More »

Mortgage Assistance Scam Targets U.S. Consumers But Operates From Dominican Republic

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At the request of the Federal Trade Commission, a U.S. district court has halted a nationwide scam operating from the Dominican Republic – but pretending to be in Chicago – that allegedly peddled fake mortgage assistance relief to financially distressed Spanish-speaking homeowners in the United States. The defendants promised to dramatically lower homeowners’ monthly mortgage payments in exchange for a ... Read More »

Forensic Mortgage Loan Audit Scam Kicked in Nuts by FTC

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At the request of the Federal Trade Commission, a U.S. district court has halted an operation that allegedly preyed on financially vulnerable homeowners, convincing them to pay $1,995 or more by holding out bogus promises that they could help them avoid foreclosure and renegotiate their mortgages. The complaint was filed against Consumer Advocates Group, Paramount Asset Management Corp, National Financial ... Read More »

Should I Be Worried SC Law Group Has My Information?

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“Dear Steve, I saw your postings regarding SC Law Group and was curious. The person I talked to over the phone seems knowledgeable of mortgage modification. I have provided them info regarding my financial documents (bank statements, mortgage statements, and employer pay stubs). I needed to pay an upfront fee (several thousand) for the loan modification. I did not pay ... Read More »

Arizona AG Issues Mass Joinder Alert to Residents

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Efforts to quash mass joinder marketing are picking up steam. On the heels of last weeks raid and seizure of some attorney office in California, Arizona is getting into the game by issuing this warning. Attorney General Tom Horne today issued a warning to consumers to be wary of any notices or advertisements that claim to offer homeowners facing foreclosure ... Read More »

Mortgage Relief Services Advance Fee Ban – Live

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The advance fee ban under the FTC’s Mortgage Assistance Relief Services (MARS) Rule is designed to protect financially distressed homeowners from mortgage relief scams that have sprung up during the mortgage crisis. “Banning the collection of up-front fees will protect homeowners from being victimized,” FTC Chairman Jon Leibowitz said. “This is especially important at a time when so many people ... Read More »

My Highlighted Copy of the FTC Mortgage Assistance Relief Services Rules

Recently the FTC passed new rules to protect consumers from deceptive mortgage relief providers who claim that for compensation they can help save a home from foreclosure or modify a mortgage. Below you will find a link to the final rule issued by the FTC with my highlights of what I felt was most important in the rule. FEDERAL TRADE ... Read More »

What Do You Think, is the President Obama’s Mortgage Modification Program, False Marketing

President Obama Mortgage Modification

I just saw FreeLoanModInfo.net which was pitching something called “President Obama’s Mortgage Modification Program.” In light of the recent Mortgage Assistance Relief Services rules put forward by the Federal Trade Commission this site certainly seems like it would fall under the new rules as a deceptive marketing pitch. Additionally, the site is a lead generation site. It seems this site ... Read More »

FTC Announces New Advanced Fee Ban for Mortgage Assistance Relief Services

Homeowners will be protected by a new Federal Trade Commission rule that bans providers of mortgage foreclosure rescue and loan modification services from collecting fees until homeowners have a written offer from their lender or servicer that they decide is acceptable. “At a time when many Americans are struggling to pay their mortgages, peddlers of so-called mortgage relief services have ... Read More »

Debt Settlement Not Singled Out for Advance Fee Regulation. MARS Hit as Well.

Here is a very interesting letter from the National Association of Attorneys General regarding new proposed rules by the FTC for mortgage assistance relief services (MARS). The loan modification industry has be filled with deception and abuse and many consumers have lost thousands when law groups promised results but did not deliver. Two recent failures come to mind, Liberty Law ... Read More »

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