“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 selection 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 information the Federal Reserve is providing, which is a part of its “5 Tips” series, is designed to give purchasers the basic information they have to recognize and stop foreclosure avoidance scams. Consumers are encouraged 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 cashier’s check or wire transfer. Clients shouldn’t pay for a service without knowing exactly what they are buying.

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