Traps to Avoid When Modifying Your Mortgage Loan

Loan Modification: Beware of Loan Modification Scam Artists.

If you’re having trouble making mortgage payments or you’ve already missed payments, you’re probably worried that it’s too late to save your home. The good news is that there are legitimate loan modification pro¬grams that can help save your home from foreclosure. The bad news is that some scam artists seem to offer legitimate programs, but are actually trying to cheat you out of your home and your money.

Protect yourself! Follow these simple guidelines to avoid Foreclosure and Loan Modification Scams:

• Never make your mortgage payments to anyone other than your mortgage company without your mortgage company’s approval.
• Never pay a fee for assistance with or information about the Making Home Afford¬able Program.
• Beware of any person or organization that asks you to pay an upfront fee in exchange for counseling or modification of a delinquent loan. Never pay a fee!
• Beware of anyone who says they can “save” your home if you sign or transfer over the deed to your house.
• Do not sign over the deed to your prop¬erty to any organization or individual unless you are working directly with your mortgage company to forgive your debt.

Bridge Street Development Corporation is dedicated to preserv¬ing Bedford-Stuyvesant as a desirable neighborhood. Our motto, “Building on Community Strength,” describes our core belief that the most effective way to improve a community is to develop and promote local assets, including people, homes, businesses, and organizations. Over the past 15 years Bridge Street Development Corporation has demonstrated its commitment to the Central Brooklyn community by providing access to programs and initiatives that enrich the community.

With foreclosures on the rise in Central Brooklyn, Bridge Street Development Corporation has become an advocate for distressed homeowners in the community through its involvement in the Obama Administration’s Making Home Affordable Program.

Contact the Bridge Street Development Corporation and learn about opportunities to make your monthly payments more affordable and save your home.

Let us help you save your home -- Call today!
718.636.7596 ext 14