Foreclosure Rules

Are there any rules in this foreclosure mess? We speak to customers daily that have been in their house for 3 months to a year with out paying a mortgage payment, and they are still there. What is the process for a foreclosure? Is anyone regulating the foreclosure relief being advertised by loan modification companies? There are a lot of questions and a lot of concerns from homeowners to government officials.

There have been reports of loan modification scams in every state but mostly in Florida, California, Nevada and Arizona where foreclosure is high. What can you do to protect your self from scams and find a honest loan modification company.

You can simply call MyLoanSavers.com and ask. My Loan Savers is a consumer assistance website that is geared toward protecting homeowners from foreclosure relief scams. You can use the short form on the website to get a free consultation from an approved loan modification company or call just to ask questions.

Here are some basic rules to use when going through foreclosure.

1. Try and work with your lender before you get behind. They may help before you get months behind.

2. Keep good records of your efforts to work with your lender. Names, dates and attempts to work it out.

3. If you get behind and are in a hardship you should contact a loan modifcation company or attorney.  We recommend you use http://www.MyLoanSavers.com to assure you get honest help.

4. Research and understand what you decide to do. If it is loan modification then understand how your loan is being modified. Is it a longer term, adjustment in principal balance, or just a rate change.

5. If you lose your home to foreclosure and have no way out then it is not the end of the world. Millions of
Americans are going to end up in foreclosure and lose their home. If you feel depressed or down about yourself then seek help. You will bounce back.

Foreclosure relief is available in many states. It is not a regulated industry and there are scams out there. There are also many honest and ethical services to help you. When in doubt call My Loan Savers at 1-800-282-4569 to see if your company is on the approved list of Loan Modification Companies.