Wednesday, June 17, 2009

Avoiding Firms That Prey On Troubled Homeowners

A New York Times article on how to avoid predatory firms who take advantage of homeowners who are having problems paying their mortgages.

A Google search for “Help For Homeowners" the name of the Obama administration’s program for distressed homeowners.yields several Web sites offering help who are in fact scammers.

Be wary of the many companies that advertise on the Web, who offer guarantees and who tell you to send them your mortgage payments. And don’t sign anything without reading the small print — some homeowners have unwittingly signed away their deeds to fraudsters who ultimately evict them.

You can learn more about the Obama loan modification program at But if you’re still having trouble getting results (and many consumers have) contact a housing counselor that has been approved by the Department of Housing and Urban Development. You can also receive advice through the National Foundation for Credit Counseling.

None of these organizations charge fees — if you come across a company that does, you know you are in the wrong place.

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