Facing the possibility of foreclosure can be devastating. There are many fraudulent companies and scam artists preying on frightened homeowners by offering mortgage modification and foreclosure rescue services.

These companies often claim they can get a change to your loan that will reduce your monthly mortgage payment or lower your interest rate. Some even claim that they can cancel or rescind your mortgage using legal loopholes, while others claim to be affiliated with a government agency or your lender.

These types of claims are most often completely false. They promise instant relief and financial miracles, when in reality they often leave their “clients” in worse financial shape than when they started.

The Federal Trade Commission (FTC) has enacted rules to help and protect homeowners from these types of scams. For example, the Mortgage Assistance Relief Services Rule (MARS) makes it illegal for mortgage modification companies to collect any fees until a homeowner has actually received a modification offer from their lender that they choose to accept.

Do not fall for these scams from predatory mortgage modification companies!