Lower Mortgage Payments by Avoiding Mortgage Scams

How Families Looking to Cut Their Mortgage Payments Can Be Aware of Mortgage Scams

Free Programs and Resources Available for Troubled Borrowers through Reliable Web Sites, Local Foreclosure Prevention Workshops and HUD-certified Housing Counselors

Reports show growing numbers of homeowners seeking lower mortgage payments through loan modification programs and mortgage refinancing during the fourth quarter of 2008.

In an effort to stabilize the housing market and help millions of American homeowners reduce their monthly mortgage payments, the federal government launched “Making Home Affordable,” a new effort with Freddie Mac and others. The program offers some of the most aggressive refinancing and loan workout opportunities for financially strapped borrowers to date. However, families looking to cut their mortgage payments should beware of foreclosure “rescue” firms that charge fees, but fail to provide solutions.

Real Estate in Phoenix

To avoid scams, experts advise troubled borrowers to make sure they are dealing with a reputable organization and understand the signs of mortgage fraud. Steps to take include, calling your loan servicer, calling a HUD-certified housing counselor and attending a local foreclosure prevention workshop held by a nonprofit organization.

Freddie Mac, which holds 12 million residential loans and seven percent of the nation’s seriously delinquent mortgages, has been a leader in making workout options available to distressed borrowers since the early 1990s. For more information on options, go to http://www.freddiemac.com/avoidforeclosure/.

Source: Freddie Mac
Arizona Foreclosure Prevention

Arizona Foreclosure Hotline  dedicated 24/7 toll-free help line to reach a local HUD Certified Arizona foreclosure counselor: 1-877-448-121

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