The Idaho Department of Finance is warning struggling Idaho homeowners against the upsurge of “mortgage loan modification specialists” who are making promises of relief from increasing mortgage payments. Gavin McGee, director of the Idaho Department of Finance, states that “We are receiving an increasing number of inquiries from struggling homeowners about such offers.” However, the problem lies in the hefty fees that the “specialists” are charging to bring about the relief – services that the homeowners could do themselves.
McGee suggests that homeowners become acquainted with the terms of their mortgage loan and communicate with their lender to try to find solutions. In addition, Idaho Housing and Finance Association (IHFA) offers FREE homeowner counseling programs at their website or by calling them toll free at 1-877-888-3135.
However, if homeowners do decide to use the services of a mortgage loan modification specialist, McGee recommends checking their credentials. In Idaho, a mortgage loan modification specialist is considered a credit counselor and must obtain a license from the Idaho Department of Finance before doing business in Idaho.
One Comment
This is great advice Karen. There are many out there who are legitimately trying to help those facing foreclosure, but there are also those preying on Homeowners that are struggling. Homeowners need to be aware of the differences.