Homeowners Beware of Mortgage Relief Scams.

With The Economy in a Downturn Many Homeowners are Unable to Keep up With Rising Mortgage Payments. Some are suffering from a job loss and others have become overwhelmed by rising interest rates that are adjusting on their mortgage loans. The fact is this has become an epidemic across the Country as we hear and see stories everyday about the housing situation.

With The Current Problems Facing these Homeowners We Now are Seeing Scam Companies Promising Help but their Motive is Greed. They will promise to speak with your lender and try to work out a loan Modification to lower the payment for an upfront Fee that may run into thousands of dollars. Loans can be Modified in some cases but some of these companies are not even calling the lenders but in the end they will tell you nothing can be done in your particular case. Think about it, how do you know if they tried or not?

Before You Sign with any Company do some Research on them. Check with the Better Business Bureau, Ask for a list of past clients with phone numbers and Call them. Don't be hesitant to ask questions and expect their answers to be backed up with Proof. Remember most of these companies are new and only came into existence because of the shear numbers of people facing foreclosure.

The First Thing You Should try is Calling Your Lender Yourself to try and work out a Modification. For some this may be difficult to do but many lenders are now more receptive to loan modifications. If you don't feel capable of doing it yourself you can get advice from the U.S. Department of Housing and urban Development (HUD) on their website. This may be a good place to start to get the help you need as you have worked very hard for your home and it may take some work to modify your loan but it can be accomplished. Do your research and you won't get scammed.

www.hud.gov/offices/hsg/sfh/econ/econ.cfm