Find reputable mortgage assistance
November 14, 2009
This is a topic I’ve addressed before, but it bears repeating.
If you are struggling to pay your mortgage, or if you know someone who is, please remember that there is reputable, free help out there.
It has come to light that many of the same mortgage brokers who peddled sub-prime home loans have quit the business of making loans and have started new businesses to “help” homeowners who are facing foreclosure to modify their loans.
Yes, that’s right. The same guy who sold you a home loan he knew you couldn’t afford is now offering to help you make the loan affordable.
What? That doesn’t sound right? That’s because it’s not. According to this New York Times article, these same companies are now continuing to harm homeowners who are having difficulty paying their mortgages.
If you can’t make your mortgage payment, or you fear you may not be able to make a future payment, please make sure you get real help.
Start by contacting your lender directly and ask to speak to someone in the “loss mitigation” department. You can also find a list of approved, non-profit housing counselors by visiting the web site for the U.S. Department of Housing and Urban Development.
If you are a resident of Pennsylvania and have received a foreclosure notice, or Act 91 notice, you can find approved housing counselors in your area by going to the web site for the Pennsylvania Housing Finance Agency.
The most important thing is to look for this reputable help immediately. Do not ignore a foreclosure notice or simply assume that there is no relief for your situation.
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