September 18th, 2009 
admin 
It’s about time someone actually attempted to look at this.
:
The move by the FTC comes as federal and state officials plan to expand a crackdown on mortgage-related scams to other schemes that prey on debt-ridden consumers.
Reporting Washington – Federal regulators, taking aim at a common tactic used in mortgage frauds, will look at a nationwide ban on companies’ charging upfront fees for helping homeowners modify loans to avoid foreclosures.The move comes as federal and state officials plan to expand a crackdown on mortgage-related scams to other schemes that prey on debt-ridden consumers desperate to stay financially afloat during the recession.
While it’s a start, I saw no mention about the common practice of using an attorney as the head of the loan modification company. So, these restrictions might slow or stop the growth of modification companies operating independently, but having an attorney contract with a homeowner to attempt a loan modification doesn’t look like it’s going to be touched.
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