18 Oct 09 Avoid Foreclosure and Keep Your House Rent Free Forever

“Saving a home from foreclosure needs 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 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 information the Fed Reserve is providing, which is part of its “5 Tips” series, is designed to give purchasers the basic info they have to recognize and prevent foreclosure avoidance scams. Consumers are encouraged to check 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. Consumers shouldn’t pay for a service without knowing precisely what they are purchasing.

Avoiding foreclosure can’t be guaranteed–regardless of the circumstances. Working with a legitimate advisor can increase the chances of keeping a home, but clients should be cautious of people that tell them it’s a sure thing. Details of the exchange, together with any guarantees, should be provided up front and in writing.

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