If you're falling behind on your mortgage payments, there are two key things to remember: First, stay in touch with your lender. As soon as you see a problem, notify the company and ask for help. Second, be aware that free counseling and resources are available. Don't throw away money by paying hefty up-front fees to companies that may do nothing for you!
As foreclosures pile up, fake rescue programs have been on the rise, too. Check out these resources on how to avoid foreclosure scams that only make things worse:
- www.PreventLoanScams.org - (A project of the Lawyers' Committee for Civil Rights Under Law)
- Avoiding Foreclosure Rescue Scams – (Mortgage Bankers Association)
- 5 Tips for Avoiding Foreclosure Scams – (Federal Reserve)
- Foreclosure Rescue Scams: Another Potential Stress for Homeowners in Distress - (Federal Trade Commission)
There's more information on predatory lending and avoiding foreclosure in our Resources for Consumers.