GreatWest GMAC Real Estate professionals are continuing to hear from troubled homeowners, who are hoping to get a better mortgage, or take advantage of the lower interest rates currently available.

However, the news media has provided many reports about foreclosure scams, and many folks are a little gun-shy of beginning the process that could improve their financial lot.

There are a number of qualified, honest and caring professionals trying to help with loan modifications. But the question remains – How do you identify a legitimate agency from a scam?

There have been so many unscrupulous scam artists posing as legitimate loan modification, or housing counselors out there, who are imposing significant pain and suffering on troubled homeowners at their breaking point. Some are the very same folks that created the first wave of mortgage fraud that helped get us into this mess in the first place.

The answer to that burning question of how to find legitimate assistance is easier than you may think. Here is a list of warning signs you need to heed that you aren’t working with someone that can help you best:

(1) Are they asking for upfront fees to assist you?
(2) Any “solution” that requires you to sign over the deed to your house.
(3) A request that you send mortgage payments to the “counselor.”
(4) Any advice to not contact your mortgage lender or an attorney.

There are other signs as well, but the few above, are examples of some of the more common “red flags.”

For locating the best certified legitimate counseling help available in your area, you can visit the Department of Housing and Urban Development website linked below.

Good luck to you!


Written for GreatWest GMAC
by: Myrl Jeffcoat


Related Links: www.hud.gov