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Beware of Loan Modification Scams

It's an unfortunate reality that hard economic times tend to bring scam artists out of the woodwork, and the mortgage crisis is no exception. A number of opportunists have entered the market, preying on homeowners who have fallen behind on their Idaho mortgage payments and offering false promises of loan modifications and halting foreclosures without following through.

The Idaho State Journal offers a warning from the Department of Finance against such scam artists, advising consumers to be wary of "too-good-to-be-true" deals, like companies claiming they can stop your foreclosure under any circumstances. You should never be asked to make a payment upfront to participate in any Idaho loan modification programs, and you should never pay your "loan modification" company directly in lieu of making payments to your lender.

If you've fallen behind on your mortgage payments, there are legitimate loan modification programs that can help. The best place to start is to call your Idaho mortgage lender directly. Your lender can provide all the information you need to pursue a loan modification through the Making Home Affordable program. In fact, you should be working with your Idaho mortgage lender throughout the whole process.

For more information on Making Home Affordable, visit http://makinghomeaffordable.gov/