Beware of Mortgage Loan Modification Scams

With a lot of news circulating about the government's attempts to help homeowners facing foreclosure, a new cottage industry has sprouted up offering assistance. Those facing foreclosure receive an avalanche of mail offering assistance to help them. Some of these offers of assistance state that they are, in some way, authorized to help with modifying the mortgage loan. The offers of help may come from companies that reside out-of-state. These companies will normally speak with you over the phone in hopes of gaining your confidence. Soon, they will ask that you send them money to assist you through this difficult time. Don't do it. Why? Because it is likely that these companies are not able to help you, they only want your money. Instead of contacting these purported companies, be aware that there are genuine, HUD approved counselors who will help you with your loan. And, these HUD approved counselors will not charge for their assistance. You may contact them by using a toll free number. The HUD approved counselors are federally regulated. In short, when people face foreclosure, they are looking to someone to help them, and they possibly may fall into a trap that only makes matters worse.