“Saving a home from foreclosure needs fast and informed action but the solution doesn’t have to be costly,” related Federal 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 internet, the telephone, and direct mailings. Some solicitors go door-to-door or approach house owners at events related to home preservation. The information the Federal Reserve is providing, which is part of its “5 Tips” series, is structured to give consumers the basic info they have to recognize and avoid foreclosure avoidance scams. Shoppers are counseled to check the certifications of counselors 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 cannot be guaranteed–regardless of the circumstances. Working with a legitimate counselor can increase the chances of keeping a home, but clients should be cautious of folks that tell them it is a sure thing. Details of the transaction, along with any promises, should be supplied up front and in writing.