More Fraud From Loan Modification Companies: HOPE NOW
I think its time to make a Fraud News Section =(
According to the Commission, the defendants advertised, marketed, and sold mortgage loan modification services to consumers nationwide using Web sites including newhopemodifications.com and hopenowmod.com. The FTC charged the defendants with violating federal law by misrepresenting that they could obtain mortgage loan modifications for consumers in all or virtually all cases and that they would refund consumers’ money if they did not.
The FTC also charged the defendants with making false claims that they are affiliated with, or part of, the HOPE NOW Alliance, a non-profit organization that is a broad-based coalition of credit and home ownership counselors, lenders, investors, mortgage market participants, and trade associations. The HOPE NOW Alliance offers free assistance to homeowners who may not be able to pay their mortgages and need help working with their mortgage company or loan services. Seeking to capitalize on its name, the defendants called their firms New Hope Modifications and Hope Now Modifications, and used telephone numbers that included “HOPE,” to mimic the real HOPE NOW Alliance hotline which is 888-995-HOPE.
