• During recession you will come across companies proclaiming themselves as mortgage consultants or foreclosure services with the promise of saving your credit or pay up your closing costs. Just stay away from them!!
• Mails from your lender should not be ignored and please, please stay in touch with him or her even after foreclosure notice has been filed.
• In case you are facing problems then a better option would be to negotiate a new loan arrangement with your lender before seeking the help of experts.
• In whatever situation don’t transfer your property deed or title to a rescue firm.
• Never get into the trap which promises loan modification approval within a matter of week or two since as per the norm a minimum of thirty days are required for consideration of loan modification application.
Just keep these tips in mind and you would be safe!!
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