You want to refinance your existing mortgage loan to take advantage of lower interest rates. This makes sound financial sense: By cutting your interest rate, you can reduce your monthly mortgage payment by $100 or more. Problem is, your home has lost value since you purchased it. Because of this, you don't have an equity level of 20 percent in your home. And that's what most conventional mortgage lenders require before they'll approve you for a refinance. There is hope, though, from the federal government. You'll just have to figure out if you qualify for the government's Home Affordable Refinance Program, often referred to as the bailout refinancing program.

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With the recent increase in home foreclosures, the federal government has taken steps to increase the availability of loan modifications for troubled homeowners. The downside of the government's help is that a number of fraudulent loan-modification companies and foreclosure rescue scams have appeared, causing consumers further financial hardship. If you're considering using a particular company's services, know what steps to take to ensure it is legitimate.

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     Verify the company's credentials and accreditation, if any. You can contact your local Better Business Bureau, the Federal Trade Commission or the attorney general's office in your home state to see whether there are any consumer complaints on file online mortgage loans. These same agencies will be able to verify affiliations, licensing and memberships in professional organizations within the industry.

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In order to add someone to a mortgage, that person has to be listed as an owner on the deed. To get someone else on the deed, you have to refinance your mortgage. Because refinancing includes fees of potentially hundreds of dollars, you shouldn't take adding someone to the mortgage lightly. However, adding someone to a mortgage can be beneficial from the tax perspective and make taking care of a home in which you have an interest legally easier.

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     Contact your lender. Review your mortgage documents and ask your lender if it charges fees or makes the loan balance come due with a transfer of ownership. Get permission in writing from your lender to add someone to your mortgage and alter the deed.

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