Federal Trade Commission (FTC)
Mortgage relief scammers falsely claim that, for a fee (typically hundreds or thousands of dollars paid up-front), they will negotiate with consumers’ mortgage lenders or servicers to obtain a loan modification or other relief to avoid delinquency or foreclosure. Many of them pretend to be affiliated with the government or government housing assistance programs. Some falsely claim to be offering legal services or “audits” of consumers’ loan paperwork to help them negotiate a resolution with their lenders. Unfortunately, these operations often fail to obtain the relief they promise, and they sometimes fail to take even minimal steps to help consumers.
Over the past few years, the FTC has filed over 35 cases against marketers of mortgage relief services, and the agency has partnered with state law enforcers to bring hundreds more. Additionally, in 2010, the FTC issued the Mortgage Assistance Relief Services (or “MARS”) Rule – which bans mortgage relief providers from collecting fees until they have obtained a loan modification or other relief for a consumer. The Rule also prohibits providers from misrepresenting material aspects of their services and requires that they disclose key information to consumers.
Mortgage advertising and servicing. The FTC also works to protect consumers from illegal practices in the mortgage lending industry, with emphasis on the subprime market. Our cases have targeted deceptive and unfair practices by entities who work with consumers throughout the mortgage cycle – including advertisers, lenders, and loan servicers. In 2011, the FTC also issued the Mortgage Acts and Practices (or “MAP”) Rule – which bans advertisers from misrepresenting mortgage terms.
Includes News Releases
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GOVERNMENTAL MORTGAGE HELP -
I HAVE LOST MONEY
and GOTTEN NOWHERE!!
My whole story would be too long to tell, but someone needs to speak out for the Americans who are caught on the line between Low Income and Middle Income. You might know what that is if you have ever been in the position of having to do without.
It is when you do not have quite enough money, but you do have too much money to get any help from the government - Our Tax-Paid Government!! Are these the forgotten Americans?? I am one of them.
Even though I was officially warned not to pay anyone for mortgage help, I had to do it anyway - twice!! Do not let them convince you just because they are Real Estate ATTORNEYS. Apparently, Attorneys can mislead, misrepresent and cheat their clients just as well as anyone else. (I lost thousands of dollars and never got the promised Mortgage Loan Refinance!) DO NOT PAY!
My Irony: I had to go Bankrupt in 2011, so my wages could not be garnished when my ex-husband was unable to pay the mortgage after he lost his job. The bank would not refinance our prior home together after the divorce, because it was a Line of Credit Loan on an older manufactured home.
My irony is that if I had known I would lose my job just four months later, I never would have had to ruin myself by going Bankrupt. (Of course, this cost over thousand dollars.)
Now - Unemployment Benefits - Barrier: Apparently, according to my Mortgage Holder, I was not eligible for the governmental assistance options while I was receiving Unemployment Benefits.
Everyone offering me a Mortgage Loan Refinance via HARP knew this, but I did not. They made their promises anyway and kept my money!! (This cost me about the last of my thousands!)
So, my Mortgage Holder generously offered me their own Mortgage Unemployment Assistance Program, which I would be required to pay back afterwards, which was projected to be in six months. (This cost me over a thousand dollars, which I would not have noticed had I just kept paying my full mortgage monthly.)
In the Interim: Through all these "Attempts to get me a Mortgage Loan Refinance" I was finally informed that I did not have enough income for the government's mortgage equation. They do not count Unemployment Benefits in the equation - probably under the assumption that the benefits are temporary. (My poor ex-husband has been unemployed for three years.)
So, I increased my income: I started taking a monthly distribution from the smaller of two IRAs, which I have from the two large companies where I worked for several years. Sadly, this smaller IRA will now run out right as I turn sixty-two. But I was thinking that I now have enough income to apply for the HARP. I thought I was set.
Fortunately, a Quickens Loan Person told me the truth: After going bankrupt, I was temporarily (two years maybe?) not eligible for the HARP Governmental Mortgage Assistance Program again!! Everyone offering me a Mortgage Loan Refinance via HARP knew this, but I did not.
They promised me anyway and kept my money!! Since I am still waiting, all of this has cost me my smaller IRA, which will be gone now.
That leaves me with the worry: Will I have enough income for a Mortgage Loan Refinance, when I am only receiving a small Pension and a really small Social Security Benefit??
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