Mortgage Modification Regulations from the Federal Trade Commission

The Federal Trade Commission has handed down new regulations regarding mortgage modification services for distressed homeowners.
This is due to a wide variety of unfortunate scams wherein operators took money, promising mortagage modifications, and then did not deliver.
Now, mortgage modification service providers cannot expect a fee until the lender has agreed to a mortgage modification that is also agreeable to the homeowner.
It seems to me that the FTC has this one right, as folks who are under water on their mortgage obligation have enough issues without being whacked for a fee with no service rendered.
Read the FTC Bulletin.

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