I want to follow up on my previous ruminations about mortgage modification and assistance. Unfortunately, a plethora of bad actors have popped up within the mortgage modification arena seeking to prey upon the desperation of borrowers facing foreclosure. Many of these scams will promise you the Moon — and deliver you nothing. First and foremost, you should understand that all of the most salient mortgage mod programs — including the HAMP — can be accessed without the help of a third party. True, many of these programs can be difficult to navigate, but the fees charged by many of these scammers to help you are truly obscene. Oftentimes, there are community groups who will help you navigate the mortgage mod process at no charge.
Prior to hiring any firm who promises they can keep you in your home, you must take several steps in order to protect yourself. Check the firm’s rating at your local Better Business Bureau. Search thoroughly on the Internet for other homeowners feedback — in most scenarios the scammers attract quite a bit of negative feedback online. Unfortunately, many homeowners fail to take these basic steps of due diligence and end up losing some of their already limited funds. No matter how great the offer sounds, nor how much you desire to believe it — view all of these mortgage help offers you see with a huge grain of salt.