There is a saying that good news travels fast but bad news travels at the speed of light. If you happen to be embroiled in a foreclosure you probably understand what I mean. Aside from the bill collectors hounding you daily there now appears another group of people bent on being the one and only ray of hope left if you want to stop foreclosure.

I am not saying all these individuals or companies are simply out to make a quick buck off your dilemma. There are many reputable outfits ready, willing, and able to provide you with legitimate foreclosure prevention service. You must perform your due diligence before making your choice.

These scam artists often charge high fees and take the money and run, and the homeowner finds him or herself in a worse financial predicament. They target people already in a distressed and highly vulnerable state, and who have the least amount of excess funds to take away from preventing foreclosure. These entities collect fees ranging from a few hundred up to thousands of dollars and simply do not deliver on their promise. Consumers have complained they never received help, or when they complained, no refund was forthcoming.

What advice should a homeowner follow to prevent becoming a victim of this ruse? If you are facing foreclosure, be very wary of an individual or company that:

Cannot tell you exactly how they can help you.

Before providing any service asks for a fee up front.

Makes the claim that for the service to work you must send your home mortgage payments directly to them.

Tries to convince you to sign over the deed to them right then and there. If you are going to sign over the deed, make sure you understand the ramifications of doing this, and that you have had a chance to review ALL of the documents.

As stated before there are numerous companies that do deliver on their promise. How can you identify these?

Are willing to offer a free initial consultation and go over your unique situation.

Make it clear you have no obligation to them.

Are willing to explain what your foreclosure prevention options are.

Are honest about their foreclosure prevention success rates, and make no guarantees of being 100% successful.

Registered with the Better Business Bureau and have a proven track record of consumer satisfaction.

Understandably it is tough to make rational decisions under stress. You must keep your wits about you when choosing a foreclosure prevention service. Your credit rating and finances will be affected by this decision for years to come.

Do you know if the voice on the other end of the phone has your best interests in mind regarding helping you avoid home foreclosure? These are a few important things to know to prevent making an already stressful situation worse.