Ad created to prevent foreclosure scams

April 15, 2009 4:49:52 PM PDT
If you're losing your home to foreclosure what do you do? The Federal Reserve is betting, you'll go to the movies.

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An ad created by the Federal Reserve is now playing in a theater near you, alongside all those Hollywood movie trailers.

The ad warns about foreclosure scams that take your money but don't really help you save your home. The ad is playing all week at the Century 20 in Daly City and across nine states where foreclosures are high.

Some of the Fed's tips to avoid scams include:

-- Work only with non-profits
-- Never pay a big fee to get help
-- Be wary about anybody making guarantees

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