Tuesday, November 30, 2010

FTC Issues Final Rule Protecting Homeowners from Mortgage Scams

Source: Federal Trade Commission

Rule Outlaws Advance Fees and False Claims, Requires Clear Disclosures

Homeowners will be protected by a new Federal Trade Commission rule that bans providers of mortgage foreclosure rescue and loan modification services from collecting fees until homeowners have a written offer from their lender or servicer that they decide is acceptable.

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