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MrDebtBuster
| Published: March 16, 2011
Wednesday, March 16, 2011
According to Tampa Bay Online, "Continuing their crackdown on scam artists that prey upon delinquent homeowners facing foreclosure, the Federal Trade Commission has charged a national operation with marketing bogus loan modification services. The FTC has sought to stop their illegal practices and force payment of restitution to victims."
Palm Beach County, Florida based "Debt Remedy Partners also known as US Mortgage Funding Inc and LowerMyDebts.com, allegedly violated the FTC Act and Telemarketing Sales Rule by falsely claiming they could obtain loan modifications which would drastically reduce distressed homeowner's mortgage poayments. In addition, the FTC claims that they misrepresented approvals and affiliations with a variety of mortgage lenders, claiming they would "refund" homeowners their money, if they couldn't receive the loan modification.
The FTC's complaint states "distressed homeowners were targeted using direct mail, the Internet, and telemarketing." Tampa Bay Online Reports, "Claiming a success rate of almost 100 percent, homeowners were charged up to $2,600 and typically requested for half of the fee upfront.The defendants claimed expertise that enabled them to prevent foreclosure and often mislead homeowners they were affiliated with or approved by lenders.They advised homeowners not to contact their lenders and to stop making mortgage payments, claiming that falling behind on payments would demonstrate a hardship to lenders."
To learn more about the action taken against U.S. Mortgage Funding Inc., Debt Remedy Partners Inc., Lower My Debts.com LLC, or to file a complaint with the Federal Trade Commission, visit www.ftc.gov or call (877) FTC-HELP (877-382-4357).
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