“Saving a home from foreclosure requires 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 barristers of foreclosure schemes reach out to potential victims by a selection of means using the Net, the telephone, and direct mailings. Some solicitors go door-to-door or approach house owners at events related to home preservation. The info the Federal Reserve is providing, which is part of its “5 Tips” series, is intended to give consumers the basic information they need to recognize and stop foreclosure avoidance scams. Consumers are counseled to test the credentials 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. Clients should not pay for a service without knowing precisely what they are purchasing.

Avoiding foreclosure can’t be guaranteed–regardless of the circumstances. Working with a valid counselor can increase the chances of keeping a home, but consumers should be cautious of folks that tell them it is a sure thing. Details of the exchange, along with any guarantees, should be provided up front and in writing.

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