“Saving a home from foreclosure requires fast and informed action but the solution doesn’t need to be costly,” related 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 solicitors go door-to-door or approach owners at events related to home preservation. The info the Federal Reserve is providing, which is a component of its “5 Tips” series, is designed to give clients the basic information they need 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. Shoppers should not 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 counselor can increase the chances of keeping a home, but patrons should be cautious of people who tell them it is a sure thing. Details of the exchange, along with any promises, should be provided up front and in writing.
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