Alabama Issues Warning On Dealing With Loan Modification Firms / Foreclosure Rescue Operators; Charging Upfront Fees In State Prohibited
- The [State of Alabama Banking Department's] Bureau of Loans Supervisor Scott Corscadden said consumers must [...] watch out for predatory behavior [from individuals or companies offering mortgage loan modification assistance]. “Unfortunately, nationwide there is an increase in cases where individuals or companies are promising to assist consumers in obtaining a mortgage loan modification and charging up front fees and performing little or no services for those fees,” he said.
- Alabama does not allow companies to charge any upfront or advance fee.
Source: State warns of new mortgage schemes.
<< Home