The Federal Trade Commission recently banned an individual from engaging in any debt relief businesses. The individual had been involved in a mortgage relief scheme. The scheme promised homeowners a way out of foreclosure and more affordable mortgage payments. The scheme would charge $3,900 in advance fees. It promised a 98-100% success rate. The entities involved, Preferred Law PLLC, Consumer Defense LLC and American Home Loans used doctored government logos to make it appear that they were endorsed by a federal affordable loan modification program.
The success rate was not as good as advertised. Many of the people that were induced into participating in the scheme lost their homes through foreclosure.
The moral of the story for consumers is that if it seems to good to be true, it probably isn't true. If someone is promising a 98% success rate in resolving your debt situation, they are most likely over promising.
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