Mortgage holders with payment problems beware of your mailbox. If you have had the misfortune of falling behind on your payments to the point that your lender has filed for foreclosure you will begin to see a deluge of postcards and official looking letters from a variety of companies trying to take advantage of your situation. There are many companies that will offer to negotiate your foreclosure situation for an upfront fee.
Avoid these at all costs. Most are only interested in how much they can get out of you. Once you sign on it will suddenly be very difficult to speak to anyone live. Your messages will not be returned and you will get absolutely nowhere except further behind on your loan and a smaller bank balance.
Your best bet is to contact your mortgage bank and see what programs they have specifically for their customers. Thanks to the Obama administration there are federal programs designed to help you modify your loan and keep you in your house. The problem is that they are woefully under staffed and the pipeline for paperwork is clogged.
