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FTC: Fraud promised mortgage loan reduction, did opposite

eaglecurrent.com | April 11, 2015

A business that calls alone Prosperity Training allegedly taught various economically distressed owners an unlawful and expensive lesson, charging hefty upfront fees for home loan relief providers under no circumstances rendered, when advising actions that still left some dealing with foreclosures.

"House loan aid is just one of the major groups that we see," Mitchell Katz, an FTC spokesperson, told CBS MoneyWatch, referring to scams in which individuals are persuaded to pay out ahead for products and services that never materialize.

The predicament was specially acute in 2008, throughout the top of the fiscal disaster, he included.

Considering the fact that at the very least October 2012, Los Angeles-dependent Prosperity Education and learning, working underneath a assortment of names, sold phony companies, making use of outbound telemarketing to pitch to buyers in fiscal issues, in accordance to the Federal Trade Commission (FTC).

Promising to get month to month mortgage payments decreased or restructured for upfront service fees that ran as higher as $five,000, the corporation unsuccessful to make good on its supply of a full refund if the expert services were being not supplied, the FTC reported.

"It is illegal to charge an up-entrance charge for the promise of a mortgage modification," Jessica Loaded, director of the FTC's Bureau of Buyer Safety, explained in a assertion. "Providers presenting these providers are unable to demand a fee right up until you have an acceptable written supply from your loan provider or servicer. If they ask for payment very first, stroll away."

Earning issues worse, the enterprise allegedly informed consumers to end communicating with their loan providers -- delaying them from discovering Wealth Educators was not operating on their behalf -- and allegedly informed consumers, lots of of whom experienced manufactured timely house loan payments, to halt making the payments, the agency claimed.

"They convey to you to pay out them that they are likely to do all the enterprise on your behalf and you do not will need to do anything at all you quit having to pay your property finance loan in essence, and that's not good, so you tumble driving on your home loan payments though shelling out them," Katz said.

A federal judge has temporarily halted the Los Angeles corporation from presenting house loan aid companies at the FTC's request, the agency stated Friday.

The agency's action arrives as the result of the Mortgage loan Assistance Aid Solutions (MARS) rule issued by the FTC in late 2010 to secure property owners from frauds that sprung up all through the property finance loan crisis. The rule bans vendors of property finance loan rescue and personal loan modification providers from gathering fees right up until property owners have a written present from their loan provider or servicer which is satisfactory to them.

 

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CFLA was founded by the Nation's Leading Foreclosure Defense Attorneys back in 2007 to serve the Foreclosure Defense Industry and fight pervasive Bank Fraud. Since opening our virtual doors, CFLA has rapidly expanded to become the premier online legal destination for small businesses and consumers. But as the company continues to grow, we're careful to hold true to our original vision. For us, putting the law within reach of millions of people is more than just a novel idea—it's the founding principle, just ask Andrew P. Lehman, J.D.. With convenient locations in Houston and Los Angeles, you can contact Our National Account Specialist and General Manager / Member Damion W. Emholtz at 888-758-2352 for a free Mortgage Fraud Analysis or to obtain samples of work product, including cutting edge Bloomberg Securitization Audits, Litigation Support, Quiet Title Packages, and for more information about our Nationally Accredited and U.S. Department of Education Approved "Mortgage Securitization Analyst Training Certification" Classes (3 days) 24 hours for approved CLE & MCLE Credit (Now Available Online).

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