Tuesday, May 22, 2012

Federal Trade Commission- Mass Joinder Lawsuits: A New Twist on Foreclosure Rescue Scams

A new scam is targeting financially strapped homeowners across the country. So-called specialized law firms are sending invitations to homeowners, urging them to participate in "mass joinder" lawsuits against their mortgage lenders as a way to get favorable loan modifications and stop foreclosure.

The Federal Trade Commission (FTC), the nation's consumer protection agency, cautions that the firms involved in this scam promise relief, but generally don't deliver. In fact, many of the firms fail to use qualified attorneys or pursue homeowners's cases, and often leave their clients in worse financial shape than before.

For the full article: Federal Trade Commission

No comments:

Post a Comment