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“Saving a home from foreclosure requires fast and informed action but the solution doesn’t have to be costly,” announced Fed Reserve Governor Elizabeth A Duke. “It should not hurt to get help.” There are several foreclosure guides available online which assist the homeowner in understanding their options to avoid foreclosure.

Many solicitors of foreclosure schemes reach out to potential victims by a variety of means using the Net, the telephone, and direct mailings. Some barristers go door-to-door or approach owners at events related to home preservation. The info the Federal Reserve is providing, which is a part of its “5 Tips” series, is designed to give purchasers the basic information they have to recognize and avoid foreclosure avoidance scams. Clients are urged to test the recommendations of advisors and to avoid working with someone who collects a fee before providing any services or accepts payment only by cashier’s check or wire transfer. Consumers should not pay for a service without knowing precisely what they are buying.

Avoiding foreclosure can’t be guaranteed–regardless of the circumstances. Working with a legitimate counselor can increase the probabilities of keeping a home, but consumers should be wary of people that tell them it is a dead cert. Details of the transaction, together with any guarantees, should be supplied up front and in writing.

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