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Avoid Loan Modification Fraud

The FBI’s Mortgage Fraud Report for 2008 warns of escalating fraud in the current distressed real estate markets. Perpetrators of mortgage fraud have flourished with advance-fee schemes disguised as foreclosure rescue programs. One of the more popular is the loan modification fraud. Members who are considering hiring a firm for loan modification services should call WPCCU first. Much of what these businesses promise with regard to loan modification, WPCCU can do at no cost. To protect yourself from loan modification scams and mortgage fraud, be skeptical of and avoid businesses that require a fee before modifying a loan. Property deals that seem too good to be true should be approached with caution. Members considering modifying a WPCCU loan are encouraged to call us at 1-800-300-9728.

Read more about the consumer protection news from the Treasury Department and learn how to protect yourself from unscrupulous lenders.