Friday, September 25, 2009

FDIC Issues Foreclosure Prevention Toolkit

In  response to the many foreclosure scams that have been uncovered. The FDIC has issued a toolkit that homeowners who are in fear of foreclosure.

Homeowners who currently have, or expect to have, difficulty making their payments should contact their loan servicer or reputable counseling agency as soon as possible to discuss options. Troubled borrowers should be careful in dealing with organizations that encourage borrowers to cease making payments or walk away from their home while also promising to repair their credit. If it sounds too good to be true, it may well be a scam that will damage the borrower's credit and cost more in the long run. Working directly with the servicer or legitimate non-profit organizations is the best approach for troubled borrowers.

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