Behind on your mortgage? Need some help? Just pay us a huge upfront fee and we’ll guarentee to save your home from forclosure, unless of course, we can’t. Then you’ll lose your house and your money! Sounds good right? Please. Remember the old adage “If it sounds too good to be true, it probably is.”
Mortgage modification assistance companies are popping up all over the country with promises of saving your home from forclosure by reducing your payments and possibly your principle balance. They ask for an upfront fee for this “help”. They even offer a guarentee if they can’t help you, but that’s if you can find them when your home is foreclosed on. If you do a search online, you’ll find a number of warnings from states about these companies. Attorneys General all over the Country are trying to track down these companies to sue them on behalf of their residents.
If you are having trouble with your mortgage payments, you need to work on this yourself. You can’t push this off to someone else. Start by contacting your mortgage company. Most mortgage companies now have a mortgage relief department. Before you call, make sure you have copies of your last two tax returns and copies of recent paystubs or proof of other income. You should also have a written budget and a list of your other debts with the minimum payments dues. The more information you have when you call, the better.
If you are behind on your payments or believe you will soon be behind on your payments because of a lost job, medical bills or other circumstances, you need to start a conversation with your mortgage company NOW. Don’t wait until they contact you. Being proactive will be your best chance to keep your house.