Mayor Daley joined city officials to remind people about the dangers of loan modification scams.
Certain companies target desperate homeowners claiming to help them save their homes or modify their loans for a fee.
"Today, I want residents to know they should avoid anyone who says, they ask for a fee in advance of providing services. Just give me 1,000, 2,000 or 5, whatever it is. Right there, there's an alarm going off," said Daley.
The mayor also warns homeowners to avoid any company that guarantees it will stop a foreclosure or tells people to pay them instead of their mortgage.
People struggling to keep their homes can call 311 for more information.