“Saving a home from foreclosure needs fast and informed action but the solution doesn’t need to be costly,” announced 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 barristers go door-to-door or approach owners at events related to home preservation. The information the Federal Reserve is providing, which is part of its “5 Tips” series, is designed to give clients the basic info they need to recognize and avoid 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 assistant’s check or wire transfer. Clients shouldn’t pay for a service without knowing exactly what they are buying.

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