FTC Press Release

This just released today and I am passing it along. It may not apply to you personally, but you may know someone who needs to see this – so please feel free to forward this blog post.

Five different companies have been accused of using deceptive practices to market mortgage modification and foreclosure rescue services and have been hit with enforcement actions by the Federal Trade Commission, with warning letters going out to 71 others. These companies often use copycat names or look-alike Web sites in an attempt to appear to be a nonprofit company or government entity, make deceptive claims about their success rates, and charge up-front fees, the FTC said in a press release.

The FTC announced it had filed complaints seeking restraining orders against three companies - Federal Loan Modifications Law Center,  Bailout.hud-gov.us, and Home Assure (doing business as Expert Foreclosure).

The FTC has also obtained temporary restraining orders and frozen the assets of two other companies, Hope Now Modifications LLC, and New Hope Property LLC, doing business as New Hope Modifications.

The official site of the Obama administration’s “Making Home Affordable” refinance and loan modification program is www.MakingHomeAffordable.gov.   An industry alliance of loan servicers provides assistance at www.HopeNow.com and through a toll-free hotline, (888) 995-4673.

Full details of the FTC press release here.