Foreclosure Rescue

Today state regulators in Maine ordered 15 “Foreclosure Rescue” companies to stop doing business in Maine. I applaud their actions.

There has been an “infestation” of these types of companies taking advantage of vulnerable homeowners at a time when they are stressed out and/or behind on their mortgage payments. Most of these companies are telemarketing sales organizations, claiming to be law firms. Under closer inspection, it generally turns out that they are not associated with any respectable law firm. Instead they are generally associated with a sole practitioner with few credentials. More often than not, the end result for the client is that they have paid a substantial fee, no effective work is accomplished, and they end up just that much further behind on their mortgage. It is a national disgrace.

If you are stressed out with your mortgage payment, here is our official “NO MORE Mortgage” advice:

1) Talk to your lender about your options. Not only will you avoid substantial fees, you are likely to get results and find a workable solution to avoid foreclosure.

2) Get professional advice from a HUD approved Housing Counselor. It is free! We recommend Alliance Credit Counseling at (866) 903-2567.

3) If you want to pay someone to handle it all for you, there are companies that can effectively handle all this for you for a fee – but make sure you are choosing a good company. Check them out first at www.bbb.org and insist on speaking to a couple satisfied clients first.

Note: Consumers could easily have avoided becoming a victim of one of the main targets of regulators in the state of Maine — Federal Loan Modification Law Center. A quick BBB search shows them with a rating of “F” and over 400 complaints.

Larry Ruff,

President

NO MORE Mortgage

www.NoMoreMortgage.com

linked from:
http://www.mpbn.net/News/MaineNews/tabid/181/ctl/ViewItem/mid/1858/ItemId/11239/Default.aspx

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