Mortgage Help: To Pay or Not to Pay?

What's Hot


2 Types of Black Marks Might Vanish From Your Credit File SoonBorrow

6 Ways the Obamacare Overhaul Might Impact Your WalletInsurance

7 Dumb and Costly Moves Homebuyers MakeBorrow

This Free Software Brings Old Laptops Back to LifeMore

Obamacare Replacement Plan Gets ‘F’ Rating from Consumer ReportsFamily

Beware These 12 Common Money MistakesCredit & Debt

21 Restaurants Offering Free Food Right NowSaving Money

17 Ways to Have More Fun for Less MoneySave

House Hunters: Beware of These 6 Mortgage MistakesBorrow

30 Household Uses for Baby OilSave

25 Ways to Spend Less on FoodMore

Nearly Half of Heart-Related Deaths Linked to These 10 Foods and IngredientsFamily

5 Surprising Benefits of Exercising Outdoors in WinterFamily

10 Ways to Save When You’re Making Minimum WageSave

Boost Your Credit Score Fast With These 7 MovesCredit & Debt

7 Painless Ways to Pay Off Your Mortgage Years EarlierBorrow

The Most Sinful City in the U.S. Is … (Hint: It’s Not Vegas)Family

The True Cost of Bad CreditCredit & Debt

10 Companies With the Best 401(k) PlansGrow

This Scam Now Tops ID Theft as the No. 2 Consumer ComplaintFamily

6 Stores With Awesome Reward ProgramsFamily

6 Ways to Save More at Lowe’s and The Home DepotSave

6 Healthful Treats for Your DogFamily

New Study Ranks the Best States in the U.S.Family

Thousands of Millionaires Moving to 1 Country — and Leaving AnotherGrow

Strapped for College Costs? How to Get the Most From FAFSABorrow

6 Overlooked Ways to Save at Chick-fil-AFamily

Ask Stacy: What’s the Fastest Way to Pay Off My Mortgage?Borrow

Where to Sell Your Stuff for Top DollarAround The House

8 Ways to Get a Good Price on a Shiny New AutoCars

Ask Stacy: How Do I Start Over?Credit & Debt

Secret Cell Plans: Savings Verizon, AT&T, T-Mobile and Sprint Don’t Want You to Know AboutFamily

30 Awesome Things to Do in RetirementCollege

14 Super Smart Ways to Save on TravelSave

The Rich Prefer Modest Cars — Should You Join Them?Cars

You’ll Soon Pay More to Shop at CostcoSave

10 Ways to Save When Your Teen Starts DrivingFamily

If you're one of the millions of Americans who needs mortgage help, the good news is that there's plenty out there. The bad news is getting the right help isn't easy.

There hasn’t been this many Americans in mortgage trouble since the Great Depression. But unlike those days, today there’s lots of help available from banks, the government… and hundreds of companies, both non-profit and for-profit. In the second installment of his special series, we show you where to turn for help to clean up a mortgage mess.

“The mortgage was just escalating. We tried to call the lender on our own because I thought I could just rollover into a fixed and I was told I didn’t qualify.”
-Lois Overstreet, Homeowner

But the Overstreets didn’t give up. Instead they paid a pro named Michael Sichenzia to get their mortgage modified. The cost? $750. But it turned out to be money well spent.

“When Michael was done we went from 14.5 percent to 3.25 percent for the life of the loan.”
-Lois Overstreet, Homeowner

These days mortgage modification is a booming business with non-profit services competing head-to-head with for-profits. How do you find the right help?

Since the non-profits are often cheap or free, they’re a good place to start. You can find a list on HUD’s website. And they’ll tell you they’re the better than the for-profits.

“Always remember people that want the sale, they just want the sale. People who are really here to assist have all the time in the world to answer questions because it doesn’t benefit them monetarily.”
-Carlos Franco, Consumer Credit Counseling Service

But there are quality for-profit companies. And not surprisingly, many of them claim the upper hand.

“Most of the the people who work for non-profit’s as well intentioned as they are, have little or no experience negotiating with lenders and this is NOT a situation where you’re losing your house where you want to have a tea party with the bank.”
-Michael Sichenzia, Dynamic Consulting Enterprises

So how do you pick your pro? Start off by interviewing counselors over the phone. Explain your situation and ask what they can do. Be sure to ask about pricing: avoid up-front fees. And especially important: experience.

“The average time it takes from day we meet a client to time they have success — is roughly 4 months. So if you been in business 6 months, the question I ask is how many have you done?”
-Michael Sichenzia, Dynamic Consulting Enterprises

Bottom line? Pick your pro carefully. Because who you pick can mean the difference between a forbearance and a foreclosure.

Stacy Johnson

It's not the usual blah, blah, blah

I know... every site you visit wants you to subscribe to their newsletter. But our news and advice is actually worth reading! For 25 years, I've been making people richer without making their eyes glaze over. You'll be glad you did. I guarantee it!

💰🗣📰

Read Next: 50 Ways to Make a Fast $50

Check Out Our Hottest Deals!

We're always adding new deals and coupons that'll save you big bucks. See the deals to the right and hundreds more in our Deals section.

Click here to explore 2,010 more deals!