As the economy worsens, number of individuals is seeing their dreams slip away. With unemployment all over the country, rate of 9% progressively individuals are finding themselves at risk for losing their houses. And, like in any main crisis, there’re individuals out there prepared to take benefit of somebody else’s hard luck. The additional distressed the situation, the easier it is to get scammed. Mortgage loan modification scams are so uncontrolled that major news stations such as NBC have repeatedly aired segments on individuals who have been scammed.

There’re various aspects you should be aware of if you are considering to modify your home loan. Two of the important warning signs that you’re being scammed are if the mortgage modification company requests you pay a fee before you receive any services or only accepts payment of fees in the form of cash or money order. Additional warning signs that you are being scammed include:

•You’re recommend to start making your mortgage payment to the loan modification company rather than your mortgage company

•They can assure your loan modified or stop foreclosure on your home

•You’re asked to reassign your property title to the modification company

The good news is there are number of legitimate companies who are keen in offering loan modification help. You have to be diligent within looking for these companies. The first step in determining whether a company is reputable is to arm yourself with information concerning whether you get eligible for a loan modification. The US Department of Housing along with Urban Development (HUD) provides free foreclosure avoidance counseling. Counsel agencies could assist you in determining whether you get eligible for a loan modification program. If you get eligible, they could help you put together an intake packet to take to a service provider. Act now before it is too late; receive a free evaluation for loan modification program.