Homeowners facing foreclosure have several options for saving money, their credit rating or their home. But of more importance is that these same folks need to be wary of foreclosure scams. Even when declaring bankruptcy, avoiding a foreclosure can salvage your ability to rebuild credit and buy another house, which makes the struggle against a possible foreclosure very much worthwhile. Two immediate options available to all mortgage holders are 1) sell the property and 2) work out a deal with your lender. Almost always, your lender will be willing to work with you, rather than lose money at a foreclosure sale. By all means, do not sign over your property title to another company. Some companies say that after the mortgage is current they will re-sign the property back over to you. This rarely happens. Instead, the company is likely to pull out equity, not make any mortgage payments and allow the property to be foreclosed. You will not be able to save the property from future foreclosures because the property is no longer in your name.

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