Recently the FTC took action against a number of companies it alleged were involved in phony mortgage relief and foreclosure rescue scams.  A federal court has already issued a temporary restraining order against these companies and frozen their assets while the case proceeds in court.  In particular these scammers sent out notices to consumers promising them money if they joined in class action or “mass joinder” lawsuits against the lenders.  The lawsuits may have been actually filed, but they were shams.  Much of the material used to lure people into these lawsuits for which they were each required to pay between $6,000 and $10,000 was misleading.  Another scam involved the sale of “forensic loan audits” that were represented as something that would get their lender to reduce the terms of their mortgage.  In this case, the scammers posed as government approved non profit agencies.

TIP

If you are having mortgage difficulties, you should contact a lawyer to deal with your bank.  You may also wish to speak with a counselor, but make sure that the counselor is certified by the Department of Housing and Urban Development.  Be wary of any program that pressures you or seems to make exaggerated claims.