"Mortgage-Assistance" Schemes

Increasing numbers of Americans are falling behind on their mortgage payments and there are a growing number of "mortgage relief" companies and organizations to "help". Some of these are reputable but some are solely created to help separate already troubled homeowners from their money.

How do you spot a scam? Some of the signs to look for:
1. They say they are tied to the federal government - verify this because most are NOT
2. 100% guaranteed fix of mortgage problems - how can they guarantee a fix???
3. Most charge an up-front fee from a few hundred to a few thousand $$$
4. Some ask you to pay them your mortgage payment - DON'T!
5. Pressure to sign documents, agreements or contracts quickly
6. Being asked to sign your deed over to the organization/person

If you or anyone you know is concerned about losing their home to foreclosure, encourage them to use the resources that the federal government and HUD have made available. The Feds just kicked off a push (11/30/2009) to "encourage" banks to make permanent loan modifications for troubled homeowners. They have made $$$ available to pay the banks to make these and foreclosure often costs the banks $50K or more per foreclosure.

See the following links for more info & assistance:
www.MakingHomeAffordable.gov & the Homeowner’s HOPETM Hotline (888-995-HOPE)
http://bit.ly/30Nov2009ForeclosureProgramUpdate
http://bit.ly/ForeclosureAttorneys
http://bit.ly/MN_Atty_General