FTC Acts Against Forensic Mortgage Loan Audit Scam

The Federal Trade Commission on Wednesday got a temporary restraining order against a group of companies that the agency alleges preyed on financially vulnerable homeowners, convincing them to pay $1,995 or more by holding out bogus promises that they could help them avoid foreclosure and renegotiate their mortgage. The TRO stops the allegedly illegal conduct, freezes the companies' assets, and appoints a receiver to run the business while the FTC moves forward with the case. According to the FTC's press release, The complaint charges the defendants with violating the FTC Act and the Mortgage Assistance Relief Services Rule, known as the MARS Rule, by, among other things, deceptively telling consumers that they could renegotiate mortgages, making payments substantially more affordable; that they could use the “forensic audits” to negotiate with lenders; and that if they failed to do these things, they would provide a refund.

Comments

[Devis]

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[Storm Bradford]

Mortgage Fraud Examiners exposed this problem of bogus forensic loan audits over three years ago in a press release: "Beware of the Latest Foreclosure Rescue Scam—“Forensic Loan Audits." http://www.prurgent.com/2011-04-21/pressrelease165977.htm