LOAN MODIFICATION FRAUD IN WASHINGTON
With loan modification being the fastest growing business in America, loan modificationfraud is likewise looming over distressed homeowners in Washington. Modificaton companies charging to negotiate with the bank on behalf of the borrower have become increasingly prevalent, and fraud has become an epidemic. Many homeowners who have fallen victim to loan modification fraud in Washington state are left feeling worse off than before, having wasted a great deal of valuable time and money on a false hope. With all the shady companies to search through it is very important to find a reputable, legitimate and registered servicer.
Right now the most common loan modification scam involves unscrupulous servicers promising homeowners a lower interest rate by reducing the principal or monthly payment. More often than not, these homeowners end up in worse shape than before with fraudulent companies walking away with their money. Legitimate, local housing counselors are able to offer free services and information for distressed homeowners facing foreclosure. In the end, professionals agree that being well-informed is the most useful defense against foreclosure.
Due to rising loan modification scams, the Obama Administration has begun a coordinated effort across federal and state government and the private sector to target mortgage loan modification fraud and foreclosure rescue scams. The Department of Financial Institution has advised homeowners to make sure their loan modification provider is licensed as a loan originator prior to using any of their services. Borrowers may verify a license at http://www.dfi.wa.gov/ and may also seek free homeownership counseling.
By confirming whether or not you qualify for the Obama Plan, Washington homeowners can immediately discover the savings and payments available under the various programs now helping homeowners save their home.
All Washington homeowners now facing foreclosure, and those who are about to be, should immediately begin exploring all the options available to them, including the new government programs designed to help you get a successful loan modification.