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Kip Tips

Government May Do More to Stop Scam Artists

Homeowners at risk of foreclosure are prime targets of scam artists, who claim they can help modify loans for an upfront fee then do nothing to help. But it may get harder soon for individuals or companies to pull off this scam.


The head of the Federal Trade Commission today announced that the agency may ban companies from charging fees before providing any services to homeowners, according to the Associated Press. Such fees already are banned in 20 states, and the FTC has filed charges against 22 companies that allegedly were operating these scams.

Homeowners behind on their mortgages aren't the only targets of scammers in these tough times, though. Job hunters and people looking for quick cash also are easy prey. To learn more, see Scams Exploit Hard Times and Guard Against Job-Search Scams.