FTC orders Wealth Educators to halt mortgage relief services

Citing hundreds of millions of dollars in losses to scams, in 2010 the FTC issued the Mortgage Assistance Relief Services, or MARS, Rule to stop the practice. The rule barred companies from taking advance fees for foreclosure relief, which the government viewed as the primary trap for homeowners.

FTC Halts Mortgage Relief Operation Targeting Consumers In Foreclosure. Today, the Federal Trade Commission put an end to an operation that took advantage of homeowners’ vulnerabilities. The FTC announced today that a court had granted the agency’s request to halt the operation of HOPE Services – also doing business as HAMP Services – alleging.

Multilevel Marketing: Last Week Tonight with John Oliver (HBO) The defendants also used websites allegedly set up by Veronica Sesma, the owner and president of Wealth Educators, to advertise the supposed mortgage relief services. Before providing any services, however, Wealth Educators charged consumers an up-front fee ranging from $1,000 to $5,000, promising the money would be fully refunded if the company didn’t provide the relief it promised.

The Federal Trade Commission (FTC) has released a list of mortgage relief and debt assistance companies and people who have been banned, by federal court orders, from participating in some or all types of the business of debt relief. The FTC has sued over 500 companies and individuals who broke the law.

The wealth Detroit had built through the auto industry, he said, led to the expectation that “if you had an eighth grade education. like jobs and relief programs leave themselves disarmed, with.

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various outreach efforts, including hosting regional education. Figure 2: Complaints about Foreclosure Rescue Schemes in FTC's. Mortgage Assistance Relief Services. database and the Loan Modification Scam Prevention Network.. the 2011 and 2012 consent orders to discontinue the foreclosure.

Mortgage Relief Scams Pay Millions to FTC. The defendants also allegedly told consumers that they would be assigned an expert mortgage foreclosure defense attorney in their state who would "halt the foreclosure process" and save their homes. But instead of helping consumers, the defendants charged them illegal advance fees ranging from $595.

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FTC Halts "Preferred" Mortgage Relief Scam. If you’re hiring a company to stop foreclosure or reduce your mortgage payments, here are some things to keep in mind:. If you’re the.