WABroker

A recent foreclosure scam has caused thousands of Americans to lose their homes.

1500 homeowners paid over 2 million dollars in upfront fees to modification consultants. Many were told that contacting their lender directly would invalidate their loan modification. These homeowners were promised loan modifications yet never received them.

The majority of these homeowners eventually lost their homes in foreclosure.

Don't let yourself be scammed by people who want to take advantage of your situation. Remember that it is illegal for loan modification consultants to charge fees upfront.

There are competent, honest, and ethical entities that help with loan modifications, but read the Treasury Departments 3rd quarter 2009 report to see why it is virtually meaningless to apply for a loan modification.

This report states that 680,000 new modifications were begun in the 3rd quarter of 2009, yet only 781 became permanent.

Even more troubling is the fact that over half of all loan modifications that are approved end up in default (foreclosure) within 6-9 months from being approved.

Why get help from anyone that doesn't actually help? Stop foreclosure NOW.