Loan Modification Fraud – Is it Still Happening?

by tammy on August 10, 2010

If you have ever experienced extreme financial stress, there is a very good chance you may have needed a loan modification sometime in the past. This is a great way for you to be able to get back on track and to also be more capable of paying your bills without the stress of constant worry. A loan modification is a great way for you to really regain control of your finances.

However, similar to most things when it comes to finances, there have been more than just a few frauds associated with loan modifications, so if you fall in the category of looking for a this type of financial assistance, you will want to be certain that you try and avoid fraud occurring to you.

There is still some loan modification fraud that may be going on, so you will certainly want to do all you can to try and avoid becoming a victim of this type of type fraud and you will be able to do so by following some of the tips below:

  1. Never give out your personal information over the phone, or to someone you have no information on or that you are not familiar with. It is very important to only give out your social security number and financial information to legitimate financial firms that you are familiar with. This is imperative to help avoid loan modification fraud.
  2. Always do some checking on the financial company you are considering to use for your loan modification. This is easy enough to do if you just take the time and make the effort t check on their background. There are many ways you will find to do this if you just make the time to do it.
  3. Always ask a lot of questions. This is imperative to anyone that wishes to make sure they get involved with legitimate companies. If you do not ask the necessary questions, you can easily find that you may get caught up in something that is not true to form and this can cause fraud to occur.


It is imperative when are looking for the best place to get a loan modification that you follow the above advice and you can certainly help you get the avoid any and all fraud. The key to not getting involved in fraud is to be sure that you are take all the necessary precautions and this will certainly go a very long ways in allowing you to make sure that you will not get into a much unwanted situation like this. It is really important that you do all you can to avoid loan modification fraud occurring to you, and this will certainly help.

We live in a day and age where fraud has really become a huge part of our lives, so it is really important that we do all we can to avoid situations occurring that can take out hard earned money and the best way to do this is to be aware of everything we get involved in.

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