Home Loan Modification - A Way to Save Your Home or Just a Hoax?

Owning a home has always been at the cornerstone of the American Dream. As the economy worsens, many people are seeing their dreams slip away. With a nationwide unemployment rate of 9% more and more people are finding themselves at risk for losing their homes. And, like in any major crisis, there are people out there ready to take advantage of someone else's misfortune. The more desperate the situation, the easier it is to get scammed. Mortgage modification scams are so rampant that major news stations like NBC have repeatedly aired segments on people who have been scammed.

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There are several red flags you should be aware of if you are seeking to modify your home loan. Two of the biggest warning signs that you are being scammed is if the mortgage modification company requests you pay a fee before you receive any services or only accepts payment of fees in the form of cash or money order. Other warning signs that you are being scammed include:You are advised to start making your mortgage payment to the loan modification company instead of your mortgage company You are guaranteed they can get your loan modified or stop foreclosure on your home You are asked to transfer your property title to the modification company

The good news is there are many legitimate loan modification companies who are interested in helping you keep your home. You must be diligent in seeking these companies out. The first step in determining whether a company is reputable is to arm yourself with information about whether you qualify for a loan modification. The US Department of Housing and Urban Development (HUD) provides free foreclosure avoidance counseling. Counsel agencies can help you determine whether you qualify for a loan modification. If you qualify, they can help you put together an intake packet to take to a service provider. A list of Hud-approved Counseling Agencies available by state can be found at http://www.hud.gov/offices/hsg/sfh/hcc/fc. HUD also provides answers to a list of frequently asked questions about loan modification at http://www.hud.gov/offices/hsg/sfh/nsc/faqlm.cfm.

Remember that reputable loan modification companies will provide you with a free consultation to discuss your specific situation before asking for any money. You can also contact your mortgage lender to ask if they have done business with the loan modification company you are thinking about working with. Home loan modification can work for you if you stay alert to the warning signs of a scam.

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