Falling behind in your mortgage payments? Avoid becoming a victim of scams.

In today's market, many homeowners are faced with the unpleasant reality of foreclosure.  If you've fallen behind in your mortgage payments, you may feel that you have nowhere to turn.  Don't fall victim to the scam artists who prey on homeowners like you. 

I wanted to share a video released by Freddie Mac regarding avoiding becoming a victim of foreclosure scams.

You have choices:

• Don't ignore your situation!  It won't go away on it's own.  Contact your mortgage lender to see what options are available to you.  It is usually in your lender's best interest to assist you in finding a way to help you keep your home.  You  might be able to arrange a repayment plan based on your financial situation. 
• Selling your home prior to foreclosure is an option you should consider if you have lost your job or your income has been reduced.  A real estate professional can determine what would be the likely price that you could get for your home.  If it is unlikely that you can sell your home for what you owe, you may be able to work with your lender to do a short sale.    In a short sale, the lender agrees to accept a payoff amount less than what is owed to them.  They may require the deficiency to be reported as income, but this option is less damaging to your credit rating than a foreclosure.
• Deed in lieu of foreclosure is another option .  This is where you voluntarily transfer the deed back to the lender.  This means that you will give up your home, but it can help your credit rating and your financial situation.  Your lender can discuss if this is the right option for you.

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