www.cambridgecredit.org — Since the Great Recession began in 2007, nearly 6 million families have faced foreclosure proceedings. In an effort to stem that tide, many independent mortgage servicers and the federal government have developed a variety of loan modification programs. A loan modification may involve a reduction in a homeowner’s interest rate, an extension of loan terms, a different type of loan, or any combination of these remedies. Understandably, people facing foreclosure eagerly seek the relief these programs can provide, especially if it means they can avoid losing their home. Unfortunately, the marketplace is ripe with scam artists poised to take advantage of vulnerable, and often desperate, homeowners. If you’re worried about foreclosure, or are interested in modifying the terms of your existing mortgage, there are safe and reliable agencies that can help you understand your options. Watch this week’s webisode from Cambridge Credit Counseling Corp. to learn more. Host Community Outreach Director, Thomas J. Fox.

(Click “More Info” to see full video script!) www.60MinuteLoanModification visit for a free CD on Mike Rockwood’s experience modifying 5 of his own home loans – and how you can too. Ask Mortgage Modification questions on our forums at http Your fears are well-founded. On top of your anxiety about foreclosure you must ALSO be leery of assistance scamsphony professionals who seek to profit from your pain. These phonies use half truths and outright lies to sell services that promise relief and then fail to deliver. They seek quick profit through fees or mortgage payments they collect from you, but do not pass on to the lender. Sometimes, they assume ownership of your property by deceiving you. Then, when its too late to save your home, they take the property or siphon off the equity. These are the Warning Signs If youre looking for foreclosure prevention help, avoid any business that: guarantees to stop the foreclosure process no matter what your circumstances instructs you not to contact your lender, lawyer, or credit or housing counselor Collects a fee before providing you with any services Accepts payment only by cashiers check or wire transfer Encourages you to lease your home so you can buy it back over time Tells you to make your mortgage payments directly to it, rather than your lender Tells you to transfer your property deed or title to it Offers to buy your house for cash at a fixed price that is not set by the housing market at the time of sale Offers to fill out …