Every day there seems to be another headline about foreclosures.
Foreclosures rising, foreclosures as a good investment-even foreclosure bus tours. But sometimes homeowners need a little advice from a trustworthy source.
From the Federal Reserve Board, here are five tips for avoiding foreclosure scams:
3. Be wary of "guarantees." A reputable counselor will not guarantee to stop the foreclosure process, no matter what your circumstances. Working with a legitimate counselor can certainly increase your chances of keeping your home-but be wary of people who promise a sure thing. Again, get the details of your transaction, along with any promises, in writing first.
4. Know what you are signing-and be sure you sign it. Don't let a counselor pressure you to sign paperwork you haven't had a chance to read through carefully or that you don't understand. Don't sign any blank forms or let "the counselor" fill out forms for you. Be sure to talk with an attorney before signing anything that transfers the title of your home to another party.
5. If it sounds too good to be true, it probably is. If you feel you may be the target or victim of foreclosure fraud, trust your instincts and seek help.