Financially distressed homeowners will soon have protection from unscrupulous loan modification companies by way of a new rule set down by the Federal Trade Commission. The new regulation stipulates that loan modification companies cannot charge any fees before a homeowner has a settlement in writing from their mortgage holder. “At a time when many Americans [...]

A major Detroit-based bankruptcy lawyer warns anyone considering defaulting on their homes not to fall victim to several mortgage modification schemes that get homeowners into more serious financial calamity. “People are desperate when they apply for these mortgage modifications,” Attorney Michael Greiner said. “As a result, these people are falling into so-called solutions that leave [...]