Mortgage payment problems can be solved

Mortgage foreclosures are up; interest rates are up; and the number of houses for sale that are languishing on the market is up. About the only thing that is "down" these days is the troubled homeowner who is having difficulty making his or her mortgage payment.

The Better Business Bureau has developed a new educational resource -- BBBTips™ for Troubled Homeowners -- to assist those who fear they can longer afford to meet their mortgage obligation.

"Whether you are a couple of months behind in your mortgage payment or a couple of weeks behind, there are positive steps you can take to protect the value of your investment. The BBB wants troubled homeowners to know that they are not alone and they are not without options," said Steve J. Bernas, president & CEO of The Better Business Bureau of Chicago and Northern Illinois.

BBB experience shows that people who believe their financial situation is hopeless are "more likely to succumb to tempting, unethical sales pitches."

"Troubled mortgage-holders are no exception. BBBs are assisting with an increasing number of complaints about foreclosure 'rescue' businesses that promise homeowners a fail-safe solution. Victims report unknowingly signing over the deed to their house; having to pay rent to live in their own home; or confronting a buy-back deal that exceeds the value of their home," Bernas said.

BBBTips™ for Troubled Homeowners outlines the options that are available to financially-pinched homeowners, from those who are anxiously awaiting a "reset" of their adjustable rate mortgage to those who may already be on the road to foreclosure.

The BBB system's new educational resource is available online at www.bbb.org/tips/clearpoint.

Topics include:

•Reasons behind the current rise in mortgage foreclosures;

•Advice for homeowners on assessing their personal situation;

•Seeking assistance from a nonprofit housing counselor; and,

•Avoiding foreclosure "rescue" scams.

"We join with the BBB to provide practical information to help homeowners who are worried about losing their homes. The sooner they develop a plan of action, the greater their chances to improve their financial situation," said Dan Oelrich, president and CEO of ClearPoint.