The Federal Trade Commission (FTC) is warning consumers to beware of fraudulent foreclosure “rescue” professionals use half-truths and outright lies to sell services that promise relief to homeowners in distress.
In exchange for an upfront fee of several hundred dollars, so-called forensic loan auditors, mortgage loan auditors, or foreclosure prevention auditors backed by forensic attorneys offer to review your mortgage loan documents to determine whether your lender complied with state and federal mortgage lending laws.
The “auditors” say you can use the audit report to avoid foreclosure, accelerate the loan modification process, reduce your loan principal, or even cancel your loan.Nothing could be further from the truth. According to the FTC and its law enforcement partners.
View the full alert from the FTC at http://www.consumer.ftc.gov/articles/0130-forensic-loan-audits