Las Vegas, NV - January 6, 2011 - (RealEstateRama) -- Effective January 31, 2011, The Federal Trade Commission has banned loan modification companies from charging up-front fees for negotiating modifications of residential mortgage loans. According to Eric Witksoki, Chief of the Attorney General’s Bureau of Consumer Protection, and the state consumer advocate, “Money spent on mortgage modification consultants is a bad bet for consumers.” Additionally, Witkoski commented that spending money on loan modification is “worse than some of the odds at the casino tables.”
