State receives another ‘loan mod’ scam complaint

The Washington Department of Financial Institutions (DFI) has received a consumer complaint against DLD Consulting, LLC, which purported to offer loan modification services to Washington residents.

Consumers report being contacted by phone in which DLD Consulting indicated that it had a special relationship with the consumers’ lender, and that they could get better modification terms (as low as 2 percent) for the consumers.

However, the paperwork provided to the consumers discloses that DLD Consulting has no special relationship with the consumers’ lender; that DLD Consulting was not necessarily able to obtain a better loan modification than could the consumers by working with the lender directly, and that the consumers should not pay their mortgage payments. DLD Consulting also requested a post-dated check in the amount of $5,000 for their services.

While DFI’s research indicates that the original company may no longer be active, consumers are cautioned that these types of operations are often closed under one name and re-opened using a different name. The business model tends to remain constant.

To file a complaint with the Washington State Department of Financial Institutions, contact the Consumer Services Division at (360) 902-8703, or by go to www.dfi.wa.gov/cs/complaint.htm to file a complaint online.