Foreclosure Prevention Companies are For Profit

If you read this blog regularly, or even if you just turn on the news or peruse the internet, you know that homeowners who are facing the threat of foreclosure are urged to get help as soon as possible.

Not only are you urged to seek help in such cases, you are also urged to be cautious about the help you seek. When things look grim, it is easy to get taken in or to go for the first thing that looks like it will bring relief.

There are companies out there that say they can prevent foreclosure, and some of them can, but you have to know that they are not doing this for free. They may charge you a fee that can be as much as 2-3 month’s mortgage payments for their services. For someone who is already in financial trouble, this is just adding insult to injury. These businesses are indeed working on your behalf and it is not wrong for them to expect payment. It is just that you don’t need the added expenses if you are trying to keep your house.

You can get the information you need by contacting your lender or a HUD-approved housing counselor. Lenders and HUD-approved counselors also want to see you keep your house, but they are not going to charge you for the assistance they provide.

Go to www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm or call 1-800-569-4287 to learn more about HUD-approved counselors.