Avoid Foreclosure and Keep Your House Rent Free Forever
Wednesday, November 25th, 2009“Saving a home from foreclosure needs fast and informed action but the solution doesn’t have to be costly,” announced Fed 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 internet, 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 component of its “5 Tips” series, is designed to give purchasers the basic information they have to recognize and avoid foreclosure avoidance scams. Shoppers are urged to check the credentials of counselors 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. Shoppers 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 bonafide counselor can increase the probabilities of keeping a home, but patrons should be wary of folks that tell them it’s a dead cert. Details of the transaction, together with any promises, should be provided up front and in writing.
