You’ve seen the ads on television and the Web, heard them on the radio, and maybe even received them in your e-mail inbox. “Reduce Your Monthly Mortgage Payment.” “The Fast and Easy Way to Save Your Home.“ “100% Success Rate.”
With more and more homeowners facing the possibility of foreclosure, the advertisements for so-called loan modification companies are out in force. These companies, also known as “distressed property consultants,” claim they will save you from foreclosure by negotiating new, more favorable payment terms with your lender.
Often, however, these companies take advantage of consumers. They falsely claim that they are affiliated with the government. They charge illegal, up-front fees. They misrepresent that they can obtain loan modifications for all borrowers. And sometimes they fail to provide any services at all - - costing consumers valuable time and money.
Even under the best of circumstances, the loan modification companies charge substantial fees for their services - - fees that people facing foreclosure can ill afford to pay.
Use a Housing Counselor
Fortunately, there’s an excellent, no-cost alternative to the private, for-profit loan modification companies. Instead of paying big fees, you can receive free assistance from a housing counselor provided by one of several non-profit organizations in Westchester that are certified by the federal Department of Housing and Urban Development (“HUD”).
These HUD-certified housing counselors have extensive training and experience in negotiating with banks on behalf of homeowners. They know the local lenders, they know what types of loan modification are available, they know what you can afford to pay, and they know - - and look out for - - your rights.
Why pay someone to assist you, and risk getting ripped off in the process, when free assistance is available?
The HUD certified, non-profit organizations listed below provide assistance to homeowners facing foreclosure.
Community Housing Innovations
100 Mamaroneck Avenue
White Plains, NY 10601
Tel: (914) 683-1010
Housing Action Council
55 South Broadway, #2
Tarrytown, NY 10591
Human Development Services of Westchester, Inc.
930 Mamaroneck Avenue
Mamaroneck, NY 10543
(914) 939-2005 x 1103
The Family Resource Center of Peekskill, Inc.
1000 Orchard Street
Peekskill, NY 10566
Westchester Residential Opportunities Inc.
470 Mamaroneck Avenue, Suite 410
White Plains, NY 10605
Protect your home, protect your investment, be proactive!