FTC shuts down mortgage relief scam

It’s hard enough to get behind on your mortgage, without having a scam artist get you into even more trouble. The Federal Trade Commission (FTC) recently shut down an operation it says perpetrated a wide-ranging mortgage relief scam. At the FTC’s request, a federal court issued orders against 22 defendants who offered cash-strapped consumers home loan modification…

Consumer Financial Protection Bureau introduces new mortgage rules

The Consumer Financial Protection Bureau announced new rules this week that are designed to prevent banks from issuing mortgages to consumers who cannot afford them. It’s called the Ability-to-Repay rule. In the years leading up to the Great Recession, there was a housing bubble driving by a spate of sub-prime loans — loans given to low income…

Be wary of mortgage relief scams

Refinancing can be a great way to reduce your monthly payments, and in some cases, allows homeowners to keep their home. However, BBB warns to proceed with caution when dealing with some lenders. BBB often hears about mortgage relief scams. These common scams are designed to lower your available cash but not your interest rate:…