Foreclosure Myths You Need to Know
No one can help me in stopping my home Foreclosure
NO: Many methods and many professionals can help avoiding Foreclosure. Call us and see how!
The Bank wants my house
NO: The Bank is not in business to own property. They want the money you borrowed paid back with interest. In fact, Banks would rather renogotiate your loan than go through the Foreclosure process.
Banks never make mistakes
NO: With all of the complicated
laws and regulations lenders often make mistakes. Sometimes it’s the
loan other times the Foreclosure.
With the recent “packaging” of loans, often the paper work gets misplaced.
You need a expert to help you find
these mistakes, which can delay
and often prevent Foreclosure.
The Lawyers are always right.
NO: Don’t get intimidated by the Bank’s big, fancy law firms, they make mistakes too. Our Lawyers work for you, and are not overwhelmed with thousands of cases.
I'm in Foreclosure, no Bank will refinance me out of this Foreclosure
NO: If you have enough equity in your home, typically 60%-70%, specialty lenders will refinance the house to pay off the old Bank and stop the Foreclosure. Call us for
If I go through a Foreclosure I can never buy a house again
NO: From a banking point of view, Foreclosures can be viewed as one of the worst things ever on a credit report. Even so, some Banks will make you a loan very soon after a Foreclosure. Be prepared for very large down payments and high interest rates
A Chapter 7 bankruptcy will stop my Foreclosure and save the house
NO: A Chapter 7 bankruptcy will stop the home Foreclosure on a temporary basis only. Eventually, you need to do something else to keep the house in the long run if you are facing Foreclosure.
Once Foreclosure starts, you cannot settle
NO: Just the opposite, a tiny number of cases go to auction. With the real estate market so bad, the last thing the Bank wants is to have to get its money by selling
your house. Our goal is to give you some time to:
- Make a new deal with your Bank
- Convince your Bank to give you more time.
- Get a loan from another source
- Sell your home
- Obtain bail out funds from U.S. Government programs.