Avoid Foreclosure and Keep Your House Rent Free Forever

October 24, 2009

“Saving a home from foreclosure requires fast and informed action but the solution doesn’t need 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 variety of means using the internet, the telephone, and direct mailings. Some solicitors go door-to-door or approach homeowners at events related to home preservation. The info the Federal Reserve is providing, which is part of its “5 Tips” series, is structured to give purchasers the basic info they need to recognize and prevent foreclosure avoidance scams. Consumers are urged to test the certifications of counselors and to avoid working with someone who collects a fee before providing any services or accepts payment only by assistant’s check or wire transfer. Consumers should not pay for a service without knowing exactly what they are purchasing.

Avoiding foreclosure cannot be guaranteed–regardless of the circumstances. Working with a bonafide advisor can increase the chances of keeping a home, but clients should be cautious of people that tell them it is a sure thing. Details of the transaction, together with any promises, should be provided up front and in writing.

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