Some mortgage rescue companies make things worse

By Mika Highsmith - bio | email

The package looks promising. They may be successful or maybe not.

"There are dozens of these companies that have sprung up. They claim they can save your house," says Dick Eppstein with the Better Business Bureau. In reality, he says,"They may delay for 6 to eight months."

Some companies tell you not to communicate with your bank. Eppstein says, they suggest you make all payments through them. "Then what happens is, they pocket the money and disappear. The bank never gets any payment."

Either way, what they offer is something you can do for yourself. "What these company do is pretty standard stuff. They send letters to the mortgage company. They try to delay." Eppstein suggests talking to you lender and explaining your situation. "Your lender does not want to foreclose," he says.

Watch the featured video for more on this interview with Dick Eppstein. Also, check out the 'Keeping and Managing Your Home' section of Feeling the Pinch.