When the unemployment rate is near 10%, it’s really not hard to see why people may have a hard time paying their mortgage on time.

What do you do if YOU are one of those people? Where do you turn? Who do you call?

The point of this brief article is to direct you to a LEGITIMATE source that may be able to help you if currently in a financial bind.

First and foremost, do NOT pay attention to the majority of all these scam-atic loan mod companies. Over 178 Loan Mod companies are having the hammer brought down on them pretty frikkin’ hard, and it’s not going to be pretty when the dust will settle.

TBWS said it best - “…most loan mod specialists out there are a little more than failed loan officers… bottom feeders, sub-prime refi guys that went looking for the next quick buck when their market dried out.”

Jerry Brown, the current CA state AG, along with the FTC and 18 other various government agencies are going to rip these guys to shreds, and I’m going to enjoy every second of it.

I’ve come across several individuals (even one of my Realtors), that were facing foreclosure, and were almost duped by some “part-time” telemarketer promising them the “solution” to keeping their home…and world hunger…and the cure for AIDS…and (get my point?).

If you get a chance, please check out http://makinghomeaffordable.gov/eligibility.html and see if you are eligible for some help.

This, in my opinion, is one of the best solutions if you are looking into your options. Chances are if you contact your current lender, they will most likely refer you to Making Home Affordable themselves. I’ve heard a hell of a lot more success stories on with this program than any other one, and personally give them my stamp of approval.

Please take a moment to look around the site. You can even find a counselor in your area and see what advice/direction they can give you as well.

Tommy’s 2 Cents:

If you’re having trouble paying your mortgage and looking for an answer, be SKEPTICAL!

To MOST of these loan mod companies, you facing foreclosure is an IDEAL chance for them to capitalize. Best bet is to get in touch with your current lender and see what options are available to you…write them down… then sleep on it… then make a decision.

Tags: loan modification