“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 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 web, the telephone, and direct mailings. Some solicitors go door-to-door or approach homeowners at events related to home preservation. The information the Federal Reserve is providing, which is a part of its “5 Tips” series, is intended to give clients the basic info they have to recognize and stop foreclosure avoidance scams. Clients are counseled to check the recommendations of advisors and to avoid working with someone that collects a fee before providing any services or accepts payment only by cashier’s check or wire transfer. Clients shouldn’t pay for a service without knowing exactly what they are purchasing.

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