The Real Deal Miami

Deceptive mortgage programs prey on troubled homeowners

June 15, 2009 09:24AM

The economic crisis has spawned several companies that prey on
homeowners who are having trouble paying their mortgages. The companies
promise to save borrowers’ homes from foreclosure in exchange for an
upfront fee, which is often thousands of dollars. The Federal Trade
Commission has brought about 11 cases against similar companies in the
last year and sent warning letters to 71 more for marketing potentially
deceptive mortgage relief programs.