There will always be people who want to separate you from your money. Now we have a growing industry of company’s who claim to rework your mortgage. Since there isn’t equity any longer, they charge up front fees. Be very careful before you hire anyone to help you with your mortgage and please read the article below.
“Until recently, defrauders tried to bilk homeowners out of the equity in their homes. Now, with that equity often dried up, they are presenting themselves as foreclosure rescue companies that charge upfront fees to modify loans but often do nothing to stave off foreclosure.”
“The companies under suspicion typically charge an upfront fee of up to $3,000 to help borrowers get lower rates on their mortgages from their lenders. But borrowers often cannot afford the fees, the service can be bogus and, in the worst cases, the homeowners lose their chance to renegotiate with their bank or to file for bankruptcy protection because of the time wasted”
Swindlers are coming out of the woodwork, from the New York Times, here.