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FTC, CFPB target loan modification scams

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Mortgage Professional America | 28 Jul 2014, 08:15 AM Agree 0
The FTC and CFPB are targeting companies peddling phony mortgage modification programs to distressed homeowners
  • Jim | | 28 Jul 2014, 10:09 AM Agree 0
    Wonder if they have the guts to take on the "Engineered to Never Approve" mortgage mod scams operated by BofA and Chase?.......
  • William Matz | | 28 Jul 2014, 11:19 AM Agree 0
    The real scam artists are the lenders and servicers who routinely violate the laws on mortgage mod processing. All the CFPB does is ensure that homeowners will have no one competent to assist them. Of course, the banks have no limits on the amounts they can pay their attorneys and drones, whose real purpose seems to be delay until the owner gives up. But owners are finally beginning to win in court, and that may finally force lenders and serv icers to behave...after seven years.
  • Shark Watch | | 14 Aug 2014, 07:55 AM Agree 0
    The CFPB and FTC are NOT preventing distressed homeowners from finding competent assistance. There is no need for cash strapped consumers to pay mortgage modification firms ridiculous fees for document processing which HUD and numerous state agencies and non-profits will help explain and process free of charge. Often times the mortgage modification firms fail to even properly file documents and otherwise provoke lenders to deny modifications which the homeowner might have received through using free government or non-profit services. In some cases the modification firms deliberately drag out the process to extract more fees or never even attempt to complete the process. It has been an area ripe for out and out scams of desperate folks and more FTC action is warranted.
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