It's one of the most prevalent side effects of the recent economic recession, and one of the most frightening things for individuals and families to face in the midst of financial crisis. It's true... home foreclosure is something all Americans hope they never have to contend with, and hope they can prevent in order to continue living their lives. However, those who attempt to work with an agency or counselor to avoid foreclosure should be wary of the people who prey on those in this weakened financial state.
While foreclosure is an unfortunate necessity in some cases, many homeowners may opt to work with an outside party in order to minimize the possibility of a foreclosure actually being processed. This can be done by working with an entity on the Department of Housing and Urban Development's list of approved agencies. If they are not HUD-approved, you should not enlist their help. There should also never be a need to pay extensive fees for these counseling services... any agency that requires a fee up front should be suspect, and make sure that the services you will be receiving are implicitly specified.
When signing legal documents, make sure you know what you are signing for, and make sure you sign it yourself. It's necessary to consult an attorney to verify the terms in these contracts, and to determine if any transfer of property or title is valid and in accordance with your wishes. Any reputable counselor or agency should not "guarantee" a stoppage of the foreclosure process, so be wary of any such promise in all circumstances.
The most important information that World Progress Report can impart to the viewers of Public Television is that if an offer is too good to be true in these dire financial circumstances, it often is. The show hopes to highlight these tips, and more pertinent information, with new programming featuring multiple partners into the foreseeable future.
*World Progress Report and its programming are not affiliated with PBS. Our programs are independently produced and distributed to Public Television affiliate stations nationwide.
About World Progress Report
World Progress Report (worldprogressreport.com) is a compelling series distributed to Public Television nationwide. Hosted by Joan Lunden, each program is specifically designed to educate the public on the latest issues impacting our society today.