If you are a struggling owner for house trying to save your house from foreclosure, beware the latest mortgage relief scam Dozens of companies have been accuse of untruly promising mortgage relief while collect millions of dollars in illegal upfront fees, according to a report by the California News.
The Consumer Financial Protection Bureau recently filed 3 lawsuits against 8 firms accused of ripping off house owners. The real estate agency says the companies collected more than $26 million in illegal upfront fees while promising to modify mortgages or prevent foreclosures. The attack on the mortgage-relief scam is code-named Operation Mis- Modification.
These companies pocketed illegal fees, taking millions of hard-earned dollars from distressed consumers, and then left those consumers worse off than they began, Jeff Adams, the director, told the California News. These practice are not only illegal, they are reprehensible.
According to the bureau, there are a few red flags to tip off possible victims. Consumers should be wary of any demands for upfront payments and any assurance that a change.
The Federal Trade Commission also filed 6 lawsuits, according to the California news. Overall, officials from fifteen states including Florida, Illinois and New York have filed a combined 32 lawsuits.
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