Timothy Reynold’s Blog

“Saving a home from foreclosure needs fast and informed action but the solution doesn’t need to be costly,” said 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 solicitors of foreclosure schemes reach out to potential victims by a variety of means using the Net, the telephone, and direct mailings. Some solicitors go door-to-door or approach house owners at events related to home preservation. The information the Federal Reserve is providing, which is a component of its “5 Tips” series, is structured to give consumers the basic information they have to recognize and avoid foreclosure avoidance scams. Clients are encouraged to test the recommendations of advisors and to avoid working with someone that collects a fee before providing any services or accepts payment only by assistant’s check or wire transfer. Shoppers shouldn’t pay for a service without knowing exactly what they are purchasing.

Avoiding foreclosure can’t be guaranteed–regardless of the circumstances. Working with a valid advisor can increase the chances of keeping a home, but clients should be careful of people that tell them it’s a dead cert. Details of the transaction, along with any promises, should be provided up front and in writing.