“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 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 barristers of foreclosure schemes reach out to potential victims by a spread 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 info the Fed Reserve is providing, which is part of its “5 Tips” series, is designed to give consumers the basic info they need to recognize and stop foreclosure avoidance scams. Clients are encouraged to test the recommendations of advisors and to avoid working with someone that collects a fee before providing any services or accepts payment only by assistant’s check or wire transfer. Clients 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 valid counselor can increase the probabilities of keeping a home, but patrons should be careful of people who tell them it’s a sure bet. Details of the transaction, together with any guarantees, should be provided up front and in writing.