It breaks my heart whenever I get a phone call or email from a homeowner that tells me that they don't know what to do...

     "I've missed 2 mortgage payments and have been trying to get some help from my mortgage company but they won't return my calls.  I guess I'll just let the house go into foreclosure."

     These people, are functioning on a day to day basis from a place of desperation, despair and hopelessness.  Unfortunately, THESE are the people that are being stalked by the predators that are out there today taking advantage of that desperation.  Mortgage modification scams are appearing in peoples mailboxes everyday.  This is not to say that there aren't legitimate modification programs.  As a matter of fact, there is new legislation coming into effect that will mandate more accountability on the side of the lenders, such as a 30 day period of time to respond to modification requests from homeowners and there needs to be a written notification as to why the modification is not accepted on the part of the lender. 

     Sadly, there are real estate professionals out there that either; by their lack of knowledge on the subject or by deliberate actions are giving false and sometimes even illegal advice to distressed homeowners.  Just yesterday, I was in contact with a seller that had entered into a listing agreement with an agent that suggested to them that they "Just Stop Making their Mortgage Payment to qualify for a Short Sale".  This is completely and absolutely unacceptable.  If you are financially able to make your payments, you are legally obligated to do so.  BUT, if, due to a financial hardship it has become impossible to meet these obligations; there are options. 

     In closing...I just want any distressed homeowners to know that there ARE legitimate options to just "walking away".  Approach with caution any modification programs that arrive in your mailbox unsolicited.  There is plenty of great information on this site:

http://www.hosted.cdpe.com/FaithCanHelp

   Remember, knowledge is power and getting the RIGHT information is paramount to the best solution for your particular situation.

Faith LaRosse