Washington State Department of Financial Institutions

Consumer Alert:
Trustee Services
aka Trustee Delay Department

Unlicensed Loan Modifications

July 18, 2012

The Washington State Department of Financial Institutions (DFI) received a complaint from a consumer who alleged he was sent an advertisement by the entity, Trustee Services a/k/a Trustee Delay Department. The company offered to assist the consumer in avoiding the foreclosure of his home by providing loan modification services.

Trustee Services a/k/a Trustee Delay Department is not licensed by DFI to conduct the business of a mortgage broker, and is not authorized to perform loan modification services. DFI could not verify the identity or contact information for the company and it appears to be a fictitious, illegitimate business entity.

Verify Licenses

DFI strongly recommends that consumers deal only with those lenders that are properly licensed to conduct business. Consumers can determine whether lenders are properly licensed using the "Verify a License" feature on the DFI’s website at www.dfi.wa.gov/consumers/findcompany.htm.

Report Fraud

If you feel you are in immediate danger contact local law enforcement.

If you are suspicious of unlicensed activity by a mortgage broker, consumer lender, money transmitter, or escrow agent; contact DFI at 1-877-RING-DFI (746-4334), or online at www.dfi.wa.gov.

If you feel you have been the victim of a loan scam please contact the Federal Trade Commission at 1-877-FTC-HELP (382-4357), or online at www.ftc.gov.

If you feel you have been the victim of a loan scam involving the Internet please contact the Internet Crime Complaint Center online at www.ic3.gov.

If you feel you have been the victim of a loan scam and are concerned about your personal financial information, contact your banking institution, and the three major credit bureaus.

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