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I'm glad that Zillow is providing this service. Exposes happen for a reason. Reasons like bad customer service or injustice. As the realization sinks in that in internet is a real time conduit of ones reputations, customer service will only be forced to get better.
Nevada legislators finally got fed up enough with the lenders illegal foreclosures and did something. FACT: Bank of America (and their appearant partner Impac Mortgage) never complied with NV AB 149. They just slapped an illegal Notice of Default on our home and there it illegally remains to this day.
What you speak of is ONLY applicable to government backed loans. Impac owns the loan, making it - NON- government. There is NO federal or state law mandating that a non-government backed lender or investor must modify their loans, let alone modify for free.
Simon, you're a Realtor I see so I refer you back to your NAR Code of Ethics Article 11.
The Federal Trade Commission announced a crackdown on fraud and deception by mortgage modification and home foreclosure rescue companies. The FTC seeks to halt the proliferation of these mortgage relief scams – which target distressed and vulnerable consumers who are delinquent or facing foreclosure – through increased law enforcement, consumer outreach, and close coordination with federal, state, and non-profit partners.
At a joint press conferenc, Treasury Secretary Timothy Geithner, Attorney General Eric Holder, Department of Housing and Urban Development Secretary Shaun Donovan, and, on behalf of state enforcers, Illinois Attorney General Lisa Madigan, joined FTC Chairman Jon Leibowitz in warning consumers about these types of scams and in encouraging consumers to seek out FREE, HUD-approved housing counselors for help with their mortgages. The FTC and Attorney General Madigan also announced enforcement actions and initiatives.
"Scammers are taking advantage of people in a difficult situation – people who are trying to modify their home mortgages or those who are trying to avoid foreclosure. We're enforcing the law against these scam artists; we're putting others on notice that unless they change their ways, they're next; and we're working with other government agencies, non-profits, and mortgage companies to reach out to our neighbors in distress with the details of how to get help," said Chairman Leibowitz.
The FTC announced five law enforcement actions against operations using deceptive tactics to market their mortgage modification and home foreclosure relief services, including firms that marketed their "services" by giving the false impression they were affiliated with the federal government. This brings to 11 the number of loan modification and mortgage foreclosure rescue scams brought by the FTC in the last year. More than 20 state law enforcers also have taken actions against companies engaged in these types of deception, including 22 brought by Illinois Attorney General Madigan.
The FTC also announced that it has sent warning letters to 71 companies who are deceptively marketing mortgage loan modification or foreclosure rescue services with fee requests or requirements. The FTC identified these companies through a nationwide review of Internet and other advertisements and warned these companies that their ads violate federal law. State law enforcers also have sent warning letters to companies that are engaging in such illegal practices as fees from the borrower, including more than 60 warning letters sent by Attorney General Madigan.
Finally, the FTC joined forces with a wide array of government, non-profit and mortgage industry members to launch a new consumer education campaign to help those in financial trouble avoid becoming the victims of a loan modification or foreclosure rescue scam.
FTC's Law Enforcement Actions
The FTC announces five law enforcement actions targeting perpetrators of mortgage-related scams. According to the FTC, these schemes typically operate in the following way. First, they use terms like "guarantee" and "97% success rate" to mislead consumers about the mortgage modification or foreclosure relief services they can provide; they illegally charge up-front fees for these "services" – ; and they use copycat names or look-alike Web sites to appear to be a nonprofit or government entity. Often, after collecting the illegal fee, these companies do little or nothing to help consumers. In each case described the FTC is seeking, or already obtained, a temporary restraining order to halt the defendants' illegal conduct.
Look, the Obama administration announced a U.S. multi-agency effort to combat these loan modification scams, which government officials and a lot of worried home borrowers said, and say, are unlawfully and cruelly preying on distressed home borrowers who are only desperately searching for help in this severe economic downtown.
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