Under the new laws, home modification companies cannot charge you an up front fee to assist in modification. Also, many of these companies make promises to desperate homeowners that are not true. While their offer is tempting, the Federal Trade Commission rule bans providers of mortgage foreclosure rescue and loan modification services from collecting fees until homeowners have a written offer from their lender or servicer that they decide is acceptable. Thus, it is likely in your best interests here to look for someone local who can assist you with the bank in negotiating your payment reduction and you can actually do everything these companies can do all by yourself negotiating with the lender for a modification.

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