PROTECT YOURSELF from the latest Loan Modification Scams

If you received information regarding loan modifications OR avoiding foreclosure. These may be targeted scams.

Phony Counselors – Scam artists present themselves as “counselors” who will negotiate a deal with the lender IF the borrower pays a fee first. Some scammers even require that all the mortgage payments be made to them while they negotiate on the borrowers behalf.

Fake “Government” Agents – Scammers will claim to be approved or affiliated with the government. Their documents and website will use terms like “Federal”. They will claim a fee is necessary to use the modification program. Borrowers should call their lenders directly to find out if they qualify for a government loan modification.

Bait and Switch – The scam artist tells borrowers that by signing loan modification documents the existing mortgage will become current. What the borrower is really signing surrenders title to the scammer in exchange for a “rescue loan”.

Rent-to-Own or Leaseback Schemes – Scammers tell borrowers that if they will surrender title to their home that they can stay there as a renter, and then buy the home back in a few years. The scammer then raises the rent over time to the point they can’t pay. The scammer evicts the borrower and sells the home.

Bankruptcy to Avoid Foreclosures – The scammer promises to negotiate a refinance with the lender for a fee. They pocket the fee and files a bankruptcy claim in the borrowers name without the borrower’s knowledge to temporarily stop the foreclosure process. The borrower thinks things are going well because the collection calls stop.

At Willamette Valley Bank, we want to ensure that this doesn't happen to you. If you have questions OR are struggling with your payments, we are here to help you find the best way to make it through – whatever your situation!