You may get a solicitation for foreclosure rescue services in the mail. Many individuals who are behind in their loan payments on their home see this as an opportunity to get things back on track. The problem is, though, that it is a dangerous situation to put yourself in. Many people need options when it comes to getting caught up. Once you get one month or more behind on your mortgage payments, you are in serious trouble with getting caught up as well as getting out of foreclosure. So, what can a person in your situation do?

How Do They Work?

Many individuals do consider these foreclosure rescue services as an option. But, you’ll need to insure that you know just what they will do to you. The service works like this.

· In many areas, the companies will find your name listed on public record information and will then contact you, so you usually won’t have to bother with trying to find them.

· Then, they will offer help. You give them ownership of your home and they will get your mortgage payments current.

· They will then pay off the mortgage all together.

· They may provide you with some small amount of money, say $500 or so.

· They may provide you with several months free rent. It is rent because they now own your home. After a time period, usually 18 months, you will have had to find new financing for the home or you will likely need to move out.

· If you do not find the financing, the company is likely to sell the home or to rent it to someone else.

This alternative lending to stop foreclosure is essential to helping many individuals stop themselves from losing their home. But, if you do take this road, you’ll need to realize that you are actually giving up your home to them and you will possibly lose it if you can not secure credit to get a new loan in place in the given time period. Although, they will help you to deal with the late payments on your mortgage and keep the home from entering foreclosure. If the home does enter it, you will lose the home unless you find another way to pay it off. What’s worse in that situation is that you may actually find yourself without a home and with horrible credit anyway. So, in either case, you’ll need to take risks.

There are assistance loans out there that you may be able to tap into as well. For many who have decent credit, there may be a way to refinance the mortgage to lower the monthly payment or else try to get the loan caught up. If you haven’t talked to your mortgage lender about options that they may be able to provide you with, do so as your first step. Then, use the web to find alternative types of lending opportunities for you. While foreclosure rescue services are one way to get through this difficult time, weigh your decision to do so wisely.

Susan Dean is the webmaster and publisher of http://www.stop-house-foreclosure.com Visit her site for help to stop foreclosure.