“Saving a home from foreclosure needs fast and informed action but the solution doesn’t need to be costly,” said Federal 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 variety of means using the web, the telephone, and direct mailings. Some solicitors go door-to-door or approach homeowners at events related to home preservation. The information the Federal Reserve is providing, which is a part of its “5 Tips” series, is structured to give consumers the basic information they need to recognize and stop foreclosure avoidance scams. Clients are urged to test the credentials of counselors and to avoid working with someone that collects a fee before providing any services or accepts payment only by cashier’s check or wire transfer. Consumers shouldn’t pay for a service without knowing precisely what they are purchasing.
Avoiding foreclosure can’t be guaranteed–regardless of the circumstances. Working with a legitimate counselor can increase the probabilities of keeping a home, but clients should be cautious of people who tell them it’s a sure thing. Details of the exchange, along with any guarantees, should be provided up front and in writing.
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