HARRISBURG, PA -- For Pennsylvanians who are struggling to pay their mortgage or are in danger of foreclosure, the best place to turn for help is a qualified housing counseling agency, Secretary of Banking Steve Kaplan said today.
"We are seeing growth in advertising for companies offering to help people modify their mortgages for a fee. The reality is that some of these offers are scams intended to prey upon people who are already in financial distress. At the very least, they are charging consumers for a service they can get for free or do by themselves," said Kaplan. "Pennsylvanians with questions about mortgage modifications should seek out professional housing counseling agencies that are certified by the Pennsylvania Housing Finance Agency. There is never a cost to the consumer for using these certified professionals."
Housing counselor information is available by contacting PHFA toll-free at 1-800-822-1174 or www.phfa.org. Consumers with complaints or other questions can call the Department of Banking's toll-free hotline, 1-800-PA-BANKS.
Kaplan noted that consumers should be wary of marketing techniques and come-ons that can mislead people into believing a company is associated with the federal government or the federal stimulus package. In addition, he urged that consumers study carefully use of the words "law," "legal" and "attorney" in advertising as well as any guarantees or claims of extraordinary success rates.
"There is a wide variety of programs in Pennsylvania to help people stay in their homes. A PHFA-approved housing counselor can walk you through the various options and help determine which program is best for you," said Kaplan. "The bottom line is that if the deal sounds too good to be true, it probably is not true. Homeowners in Pennsylvania do not need mortgage modification companies in order to obtain a mortgage modification or some other kind of help."
The mission of the Department of Banking is to protect the public from financial abuse, promote financial education, ensure the safety and soundness of depository institutions and foster a strong economy for all Pennsylvanians.
CONTACT: Ed Novak
(717) 783-4721
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Source: Pennsylvania Department of Banking
CONTACT: Ed Novak of Pennsylvania Department of Banking,
+1-717-783-4721
Web Site: http://www.state.pa.us/
http://www.phfa.org/
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