Tags: US | Loan | Modification | Scams

Gov't Cracks Down on Loan Help Scams

Thursday, 04 Feb 2010 01:54 PM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink

The government is cracking down on companies that advertise help for troubled homeowners but often turn out to be scam artists.

The Federal Trade Commission said Thursday it would propose to ban those foreclosure rescue services from collecting payment up front. Instead, they could only collect money if they were successful in providing help.

Government officials say unscrupulous companies often charge upfront fees as high as $3,000 for help with loan modifications that rarely pay off. The government says it has filed charges against 28 companies, which often imitate government housing assistance programs.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web

Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 

You May Also Like
Around the Web

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved