Millions of Americans have lost their homes in the current foreclosure crisis. Millions more stand to do so in the future. But they should think twice before doing business with so-called mortgage modification specialists. Such entities, regulators warn, may really just be unlicensed credit counselors.

According to Gavin Gee, director of the Idaho Department of Finance, mortgage loan modification specialists are soliciting homeowners with promises of relief on their mortgage payments. The problem is they charge for services homeowners could do themselves. Plus, the fees they charge can be sizable and nonrefundable, with no assurance of real financial relief.

If clients ask you about such services, make sure they exhaust other avenues first. Gee suggests consumers start by communicating with their lenders or loan servicers. Several large banks, including JPMorgan Chase & Co. and Citigroup Inc., have announced relief programs to help stressed borrowers.