I’ve been contacted by a mortgage relief company. Is there anything that these companies have to tell me?

I’ve been contacted by a mortgage relief company. Is there anything that these companies have to tell me?

These companies must disclose that:

• They are not associated with the government, and their services have not been approved by the government or your lender
• Your lender may not agree to change the terms of your loan
• You could lose your home and damage your credit rating if the company tells you to stop paying your mortgage

These companies must also explain in their communications to you that you can stop doing business with them at any time, can accept or reject any offer they obtain from the lender or servicer, and, if you reject the offer, you don’t have to pay the company’s fee. These companies must also disclose the amount of their fees.

Tip: Use our checklist  for more information on how to avoid foreclosure.

If you think you may have been a victim of a mortgage relief scam, you may also want to consult an attorney. If you need help finding an attorney, you can view this list of legal aid services in your state, or you can find lawyer referrals in your county and state by visiting the American Bar Association website .

Foreclosure prevention counseling and counseling services for homeless persons are available free of charge through U.S. Department of Urban Housing and Development (HUD)’s Housing Counseling Program. Call the CFPB at (855) 411-CFPB (2372) to be connected to a HUD-approved housing counselor today or to submit a complaint with us. You can also submit a complaint online.