“Saving a home from foreclosure requires fast and informed action but the solution doesn’t need to be costly,” said 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 barristers of foreclosure schemes reach out to potential victims by a spread of means using the internet, the telephone, and direct mailings. Some barristers go door-to-door or approach house owners at events related to home preservation. The info the Fed Reserve is providing, which is a component of its “5 Tips” series, is designed to give clients the basic info they need to recognize and prevent foreclosure avoidance scams. Consumers are urged to test the certifications 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 should not pay for a service without knowing precisely what they are purchasing.

Avoiding foreclosure cannot be guaranteed–regardless of the circumstances. Working with a bonafide advisor can increase the probabilities of keeping a home, but patrons should be cautious of people that tell them it’s a dead cert. Details of the exchange, along with any guarantees, should be supplied up front and in writing.