Thursday, May 13, 2010

FYI: FTC Warns Consumers of More Foreclosure Rescue Scams ("Forensic Mortgage Loan Audits")

The Federal Trade Commission published the attached consumer alert on the latest mortgage foreclosure rescue scam, which the agency identifies as "forensic mortgage loan audits."
The FTC warns that con artists falsely claim that, for a substantial upfront fee, their audits would help troubled homeowners keep their homes. In the scam, so-called "forensic loan auditors," "mortgage loan auditors," or "foreclosure prevention auditors," backed by "forensic attorneys," offer to review a homeowner’s mortgage loan documents to determine whether a lender complied with state and federal mortgage lending laws. The auditors claim that the report will enable the homeowner to avoid foreclosure, accelerate the loan modification process, reduce the loan principal, or even cancel the loan.
The FTC warns consumers that there is no evidence that forensic loan audits will help them get loan modifications or any other foreclosure relief, even if they are conducted by a licensed, legitimate and trained auditor, mortgage professional or lawyer.
Let me know if you have any questions.  Thanks.


Ralph T. Wutscher

Kahrl Wutscher LLP

The Loop Center Building

105 W. Madison Street, Suite 2100
Chicago, Illinois  60602
Direct:  (312) 551-9320 

Fax:  (866) 581-9302
Mobile:  (312) 493-0874


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