Whether homeowners work on stopping foreclosure on their own, with a trusted attorney, or by hiring a specialized loss mitigation or foreclosure assistance company, there are a few issues that every borrower should be aware of to prevent against scams and have the best chance of success. These include trusting their own intuitions and learning the most important aspects of how foreclosure works.

Using common sense and trusting their own instincts is probably the most important part of saving a home from foreclosure in the most efficient manner possible. There are far too many stories of people taken advantage of by a foreclosure scam who mention that they were apprehensive about working with a company or individual but went ahead anyway.

It may have been the fact that no one answered the phone the first time they called for assistance, or the person that they met do discuss their situation seemed a little too knowledgeable about how the process would work and that it would succeed with no problems. Scammers routinely register with the Better Business Bureau and other reputable institutions to further the false appearance of legitimacy.

But if the owners had trusted their intuition that something was seriously wrong with the help that was being offered to them, they would have prevented wasting valuable time, money, and resources trusting in a scam. The amount of time scammers can eat away while providing no assistance costs the homeowners more in late fees, interest, and the bank’s legal expenses every day.

One way to prevent against such scams, besides trusting their own instincts, is for borrowers to learn about the basic procedures involved in foreclosure. Foreclosure is a legal process and lenders who pursue it must follow a large number of federal and state laws, as well as court rules of procedure. If they fail to comply with any of these regulations, the whole process may not be considered valid.

But too many homeowners do not even learn the basics of how foreclosure works, instead trusting the first person who offers assistance. There are literally thousands of pages contained in books, magazines, and on the internet that describe what to expect when borrowers miss a mortgage payment. It would be wise for homeowners to take advantage of these cheap or free resources.

Usually, just by reading through a little bit of state foreclosure law descriptions and other lending laws, homeowners will have a good idea of how long the process will take, as well as possible legal or other defenses against losing the home. This may include a few hours of work, but it can mean the difference between being able to help an attorney stop foreclosure, or being scammed out of thousands of dollars.

When encountering a new situation like foreclosure, homeowners need to be on high alert against scams and rely on their instincts to avoid wasting time and money. As they learn more about the foreclosure process, they can begin to put together more comprehensive plans and decide which type of assistance will be most beneficial in saving their homes.