Pembroke Pines, FL -- (ReleaseWire) -- 02/18/2009 -- With the current collapse of the real estate market, there has been an increase of con artists that has arrived in the loan modification field, which target home owners that are in facing foreclosure.

What these fraudulent loan modification companies do is prey on the fears of these home owners that are in the midst of losing their homes to foreclosure.

"They give them empty promises which include guaranteed reduction in their mortgage rate to 2% or lower and also a guaranteed reduction in their principal balance. While these results are certainly possible, the truth is no loan modification company can guarantee these results even if it done by an attorney as it's the lender that makes the final determination.," says Marlon Baugh, a Florida based Loan Modification Expert.

Baugh offers these tips when considering choosing a loan modification company:

- Home owners need to be aware of these scams and what to look for as more and more phony loan modification companies are on the rise and present themselves as the homeowner's last resort if they want to save their home. Many of these companies started popping up about a year ago, as lenders tightened up their guidelines and property values plummeted which as a result home owners that we in adjustable rate mortgages had even fewer options than before to refinance and save their homes from foreclosure.

- Home owners need to ask a lot of question and do their research before selecting a legitimate loan modification company to work with. They need to be aware of what's happening in the industry. Recently a lot of mortgage brokers and real estate agents have gotten involved in the loan modification business, without properly understanding the procedures and guidelines involved, and are more concerned about the money they can make.

- If the home owner is facing foreclosure, they don't want to end up with an inexperienced loan modification company that doesn't have a successful track record of accomplishing beneficial loan modifications. Another reason you want to work with someone that has experience is, most lenders will only give the home owner one chance per year to get the loan modified, so if its not done right the homeowner could still end up in foreclosure.

Florida - based loan modification expert Marlon Baugh specializes in providing mortgage information to Florida residents that allows them to make informed decisions about their mortgage financing options and learn the insider secrets that can save them thousands of dollars over the life of their loan.

Marlon Baugh is available for interviews and will welcome all your mortgage related questions.

Call 954-678-5796 Ext.1 for a Free No-Obligation Consultation or visit http://specializedfinancialsolutions.com/lendersexposed.htm