Foreclosure rescue and mortgage modification scams are a growing problem. Scammers will make promises about saving your home, reducing your payment or mortgage balance, often guaranteeing you a solution for a fee.
There is no need to pay a private company for foreclosure prevention counseling. These services are provided free of charge by nonprofit housing counseling agencies who work in a partnership with the federal government. For a list of agencies in your area check out www.HUD.gov, www.MakingHomeAffordable.gov or www.HopeNow.com. You can also call 1-888-995-HOPE (4673) to speak to an expert advisor immediately, 24 hours a day, 7 days a week, 365 days a year. This valuable, around-the-clock service is available completely free.
Often, after speaking with a housing counselor, the next step is to contact your lender. Your lender should be able to guide you through the programs that they have established for assisting homeowners. If your lender is not willing to work with you, additional assistance is available.
For an FHA insured loan, contact FHA's National Servicing Center toll free at (877) 622-8525. Help with VA insured loans can be found at www.benefits.va.gov/homeloans/ or by calling toll free (877) 827-3702.
Determining if and/or which pre-foreclosure option could work may feel like walking through a maze. Finding a knowledgeable realtor experienced with the short sale process may limit unnecessary time and frustration.
Additional information on short sales can be found at www.longrealty.com/shortsales.