Right now, because of persistent mortgage and housing troubles nationwide, it seems as if the mortgage modification process has only gotten harder. It has and it hasn’t. You need to know yourself as a borrower and as an income earner, if you are need a mortgage modification like forbearance or a loan modification.
Don’t be a dummy
By now, most everyone should know a loan modification scam if they see one. Still, there are plenty of mortgage modification scams out there. Many of these companies will look and act as if they are a non-profit organization, but charge a ‘nominal’ fee for their services. They have fleeced beleaguered homeowners for millions, and they could cost you thousands.
The fact is there are totally free, truly non-profit services out there that are sponsored by the government to help you negotiate a loan modification. For one, try a certified U.S. Department of Housing and Urban Development Foreclosure Avoidance Counselor. They are available in your area, though not the only option.
It is generally a good idea to look for a seal of approval from a major government agency or business ethics organization like the Better Business Bureau when seeking financial counsel.
Seek wise consult
When pursuing a mortgage modification, consult a foreclosure attorney or certified public accountant. The longer your mortgage problems linger, the deeper in debt you may find yourself. Though the sanctified help of a legal counselor or CPA may be expensive at first, they are a great opportunity to nip your financial worries in the bud. A few thousand dollars for real help is totally worth it if you can find the cash. As credit accumulates fees and interest, you only put yourself further in debt and in crisis.