“Saving a home from foreclosure needs fast and informed action but the solution doesn’t have to be costly,” announced Fed Reserve Governor Elizabeth A Duke. “It shouldn’t 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 selection of means using the web, the telephone, and direct mailings. Some barristers go door-to-door or approach house owners at events related to home preservation. The info the Federal Reserve is providing, which is a part of its “5 Tips” series, is structured to give clients the basic info they need to recognize and stop foreclosure avoidance scams. Clients are counseled to check the recommendations of advisors and to avoid working with someone who collects a fee before providing any services or accepts payment only by assistant’s check or wire transfer. Consumers shouldn’t pay for a service without knowing exactly what they are buying.
Avoiding foreclosure can’t be guaranteed–regardless of the circumstances. Working with a legitimate advisor can increase the chances of keeping a home, but consumers should be wary of people that tell them it’s a sure bet. Details of the exchange, along with any guarantees, should be provided up front and in writing.