I just read an alarming article in the New York Times this morning about the number of fraudulent "foreclosure workout specialists" that are popping up in the marketplace. We all know that unethical people are present in every market, so it's best to be an informed consumer and shop smart if you need help with your mortgage. Here are some tips I've gleaned from months of talking to people with loan problems:

1. TALK TO YOUR LENDER FIRST ABOUT A WORKOUT. It sounds basic, but it is worth repeating: TALK TO YOUR LENDER FIRST

• More and more lenders are now adjusting to the volume of workout requests they receive and are learning to handle them more efficiently. It's very important to remember that each lending company is different, but give your lender a chance to help you before you start shopping for a third-party company to work out our loan problems.  After all, it is far less expensive for them to help you with your current loan than it is to foreclose on you, so it's in their best interest to make it work.

• In 2007 and early 2008, lenders were just as unprepared as homeowners for the tsunami of loan adjustment requests suddenly coming their way. They were not staffed appropriately, and did not have the systems and procedures in place to deal with such a high volume. As a result it was difficult for many homeowners to get through to someone who could help them. In addition, many of the lending companies were struggling with their own business survival, as we saw with the large number of failures and takeovers that occurred.  In my opinion we will see a trend of continuing improvement as lenders get better at this essential task.

There are ethical third-party companies in the marketplace who can help with loan workouts or short sales, but as per the New York Times article there are unethical ones as well. Spring Street Properties' short sales negotiators never charge anyone unless they are successful in negotiating the short sale. If they are successful then Spring Street Properties pays the fee. The homeowner never pays the fee regardless of the outcome.

This blog is the opinion of this writer only.