Feds Issue Rule to Protect Homeowners from Mortgage Relief Scams

Homeowners struggling to make mortgage payments will soon be protected by a new Federal Trade Commission rule banning providers of mortgage foreclosure rescue and loan modification services from collecting fees until homeowners receive a satisfactory written offer from their lender or loan servicer.

The Mortgage Assistance Relief Services (MARS) Rule was issued in response to the mortgage relief scams that have mushroomed during the ongoing mortgage crisis.