By v b on Jan 16, 2009 | Reply

Some steal your home.

Be sure you understand exactly what the paperwork says–many "helpers" have you quitclaim the property to them.
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By Wishful Spirit on Jan 16, 2009 | Reply

Many are out there to take advantage of the housing crisis and will leave you on the street with the clothes on your back. Instead of going to one of them, speak to an accredited credit counselor who works for a non-profit organization. The National Foundation for Credit Counseling is a watchdog organization, and you can find a good person to talk to through them, or by calling your local United Way (in some states, all you have to do is dial 211 on your phone to get the list of community services).

Here is the National Foundation for Credit Counseling website: http://www.nfcc.org/
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By Dawni Do Right on Jan 16, 2009 | Reply

Only if there is some profit in doing so to them. Unfortunately, most are a scam. They will get an upfront out of pocket fee from you & then you will find yourself in no better a position than you were before you paid them their scam fee. (How they make money & stay in business)

You might be better off to call your lender and ask for a loan modification. If you don't qualify for one now, ask what it will take to qualify for one.
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By marina C on Jan 16, 2009 | Reply

Foreclosure assistance companies specialize in resolutions of mortgage delinquencies or home foreclosure claims on behalf of you, the homeowner. They perform a detailed financial analysis and work with you to determine your best alternatives. They also review your lender's loss mitigation policies and your state's foreclosure law to make sure that we give you the best service within the context of your situation. By working with you and your lender, Foreclosure assistance companies can tailor a resolution to meet your specific criteria and financial circumstance.
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http://www.mortgagebuyerbasics.com/foreclosure-faqs-about-foreclosure-assistance-companies-3

By foreclosurefish_com on Jan 16, 2009 | Reply

Like with most industries, there will be a good number of companies that do well by their clients, some that are incompetent, and a small number that are downright criminal and negligent. It'll be up to you to make sure you choose to deal with one of the companies that acts honestly and provides a good service.

Foreclosure assistance companies can provide useful help to homeowners, but it will depend on how much you are willing to do on your own. If you'd rather negotiate with your bank yourself, and try and work out a modification/payment arrangements, then you can probably do just as good a job as any foreclosure assistance company.

On the other hand, if you're not able to spend 2 hours a day on hold while waiting for the lender to pick up the phone, and you don't really know what to ask for and don't have the time to do all of the research about how foreclosure works, then it might be a good idea to hire someone to do all this for you. If it's a reasonable price and there are some guarantees you can get a refund if the company isn't successful, then it might be worth offloading the work.

Be prepared, though, to do some of the work to qualify for a plan to stop the foreclosure. There might be lots of paperwork to fill out and you might have to prove stable enough income to qualify for a plan. No company can work magic and make it appear as if you can afford a mortgage payment that is obviously out of your range.

The best thing to do might be evaluate your own financial situation, figure out where you can get more income or cut expenses, then decide if you want to do the negotiation work on your own. If not, call a few different companies, find out what they offer for how much, and what their refund policies are if they can't help you.

Good luck.
ForeclosureFish
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