FTC's Loan Modification Advance Fee Ban Takes Effect

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The following information was posted on the Federal Trade Commission's website (www.ftc.gov) on February 10, 2011:

FTC's Mortgage Assistance Relief Services Advance Fee Ban Takes Effect

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 are behind on their mortgages or facing foreclosure.”

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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