The Obama administration has introduced a comprehensive Financial Stability Plan to address the key problems at the heart of the hosing crisis. This is a plan to help 7 to 9 million homeowners reduce their monthly mortgage payments to more affordable levels.
Along with important help for homeowners, scams and fraud unfortunately follow. Beware of the following.
There is never a fee to get assistance or information about Making Home Affordable (the name of the program), from your lender or a HUD assistant.
Beware of any person or organization that asks you to pay a fee in exchange for housing counseling services or modification of a delinquent loan. Do not pay, walk away.
Beware of anyone who says they can save your home if you sign or transfer over the deed to your home. Do not sign over the deed to your property to any organization or individual unless you are working directly with your mortgage company to forgive your debt.
Never submit your mortgage payment to anyone other than your mortgage company without their approval.
For further information on the government plan see: www.makinghomeaffordable.gov