For people who are upside-down in their homes, and are desperately looking for a way out, rest assured that scammers are more than willing to take your money. A Huffington Post article about mortgage relief scams explains one type of common scam.
Before you ever, ever, ever agree to hand your money over to any mortgage relief, or debt workout, or distressed loan “specialist” (who may actually be nothing more than a boiler room operator somewhere in Florida), talk to a local reputable attorney about your legal options. For a relatively small fee, an experienced attorney can assess your situation and spell out your options
One thing to be aware of. There are very few attorneys who, usually unknowingly work with these worthless loan modification companies. These companies persuaded some naive attorneys to act as their “fronts”. So the attorney is convinced that all they had to do was attract and sign the distressed clients, collect the fee, and the loan modification staff will take care of the client. So if you do retain an attorney, just make sure they are handling all of the work within their own office.