from the)/Federal Reserve Board Tips On Avoiding Foreclosure Scams (NAPS)—There’s good newsfor homeowners whoare facing foreclosure. There are programsavailable designed to help you work out the problem before it gets too late. Unfortunately, there are also scam artists who want to take advantage of your misfortune— either to turn an immediate profit or to take ownershipof a property. FOR NyAW WO Remember, it shouldn’t hurt to get help. Here are some tips from the experts at the Federal Reserve Board on how to avoid scams: Work only with a nonprofit, HUD-approved counselor. If you are looking for help to prevent foreclosure, be sure the counseling agency is on the Department of Housing and Urban Development’s list of approved agencies. Visit HUD’s Web site for an easily searchable list of HUD-approved housing counseling agencies or call (877) HUD-1515 (877-483-1515) for more information. If you are approached by foreclosure counselors—by mail, phone or in person—makesure the counseling agency is HUD approved before you do business with them. Don’t pay an arm anda leg. You should not have to pay hundreds—or thousands—ofdollars to get help. Most HUDapproved housing counselors provide no-cost or low-cost counseling services. Do not agree to work with a counselor whocollects a fee before providing you with any services or who accepts payment only by cashier’s check or wire transfer. e Be wary of guarantees. Reputable counselors will not guarantee they can stop the foreclosure process, no matter what Be wary of guarantees. Reputable counselors will not guarantee they can stop the foreclosure process. your circumstances. Be wary of people who promise a sure thing. Get the details of your transaction, along with any promises, in writingfirst. Know what yow’re signing before you sign it. Don’t let anyone pressure you into signing any- thing you haven’t 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 hometo anotherparty. e If it sounds to good to be true, it probably is. If you feel you may be the target or victim of foreclosure fraud, seek help. For tips on spotting scam artists, visit the Federal Trade Commission’s Web page on foreclosure rescue scams. Report suspicious schemes to your state and local consumer protection agencies, which you can find on the Federal Citizen Information Center’s Consumer Action Website. To learn more, visit the Web site at www.federalreserve.gov.
