FTC's Loan Modification Advance Fee Ban Takes Effect

more+
less-

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.”

Please see full alert below for more information.

LOADING PDF: If there are any problems, click here to download the file.