Notice from the Washington Attorney General’s Office: Beware of Loan Modification Scams Soliciting Washington Lawyers

Yet another scam hitting lawyers in the Pacific Northwest.

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Alert!

From the Washington Attorney General’s Office:

The Washington Attorney General’s Office, the Washington Department of Financial Institutions, and other state agencies across the country, along with the Consumer Financial Protection Bureau and the Federal Trade Commission, are conducting a mortgage rescue fraud sweep, taking legal action against companies who prey on homeowners seeking to avoid foreclosure.

As part of the sweep, Attorney General Bob Ferguson wishes to alert Washington lawyers to problems that may arise from working with a for-profit loan modification or foreclosure rescue company as part of their practice.

Such companies are often located out of state and could be attempting an end run around state regulations and consumer protection laws by integrating Washington lawyers into their operation. These companies typically promise Washington borrowers that they can modify their loan, stop or postpone their foreclosure, or reduce their debt — usually for a hefty upfront fee.  Not only…

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