Avoid Foreclosure and Keep Your House Rent Free Forever
“Saving a home from foreclosure requires 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 solicitors of foreclosure schemes reach out to potential victims by a spread 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 Fed Reserve is providing, which is part of its “5 Tips” series, is structured to give consumers the basic information they have to recognize and prevent foreclosure avoidance scams. Consumers are counseled to test the certifications of advisors 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. Clients 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 probabilities of keeping a home, but clients should be wary of people that tell them it’s a sure thing. Details of the transaction, along with any guarantees, should be supplied up front and in writing.