| There are many misunderstandings concerning the | | | | will stop the home foreclosure on a temporarily. |
| issue of foreclosure. Unfortunately these | | | | The caveat is you need to do something else to |
| misconceptions have lead many homeowners to | | | | keep the house in the long run if you are facing |
| take all the wrong actions in trying to stop the | | | | foreclosure.o The bank has our house so we can |
| foreclosure process which ultimately causes them | | | | wash our hands of the whole affair.o This |
| to lose their homes. Below are a few of the | | | | assumption has come back to haunt many people. |
| myths that seem to persist regarding bank | | | | If there is a deficiency you may still owe the |
| foreclosures.o The bank wants your house so | | | | difference plus any interest even though you no |
| they can resell it.o Nothing could be further from | | | | longer own the home.o I pulled off a minor miracle |
| the truth. The bank almost never wants your | | | | and got all the money I owe the bank to bring |
| house; they want the money you owe along with | | | | me current, but I am afraid it's too late to stop |
| interest. Typically banks usually hate going through | | | | the foreclosure process.o Wrong. In most states |
| the foreclosure process and will bend over | | | | if you have all of the money you owe the bank |
| backwards to work with homeowners in avoiding | | | | they have to take it and stop the foreclosure. It |
| a foreclosure.o The bank will not accept my | | | | is the law, and besides the bank doesn't really |
| payments. I am all out of options.o The bank | | | | want the house back in the first place.o My house |
| wants you to bring your payments current. Period. | | | | is gone and I can never buy it back.o There may |
| Remember they are in the money business. The | | | | be hope. Some states have "redemption" rights |
| interest on your loan is their life blood. All is not | | | | where they can keep the house if they can pay |
| lost however. If this is not practical for you then | | | | the bank off in full, principal and arrears, within a |
| a mortgage negotiation professional can set up a | | | | limited time period.o They get to keep all my |
| plan for you to pay just a portion of the arrears, | | | | stuff once they take the house.o The rule of |
| set a plan to pay future current payments and | | | | thumb here is if you can carry it away it is yours. |
| catch up on the remaining arrears over time.o | | | | You keep your personal property, but permanent |
| The foreclosure notice was delivered today; I | | | | attachments to the house should stay. Do not |
| have to start packingo Depending on your state | | | | turn it into an issue by taking everything from |
| of residence you may have a very long | | | | floor to ceiling. That will just insure trouble.o The |
| foreclosure process. This may give you several | | | | bank started this process. They cannot expect |
| months, if not longer to move. Remember that | | | | me to pay legal fees.o They do and you will if |
| you have to find a new place to live because | | | | you want to keep the house. The amount will |
| eventually you will be physically removed.o I am in | | | | vary depending on what is contained in your |
| foreclosure; no bank will refinance me out of this | | | | mortgage agreement.o There's nobody to help |
| predicament.o This depends on the amount of | | | | me stop my home foreclosure.o In this you have |
| equity in the home and its Loan To Value ratio. If | | | | more help at your fingertips than you might |
| that ratio is right there are specialty lenders who | | | | imagine. Many methods and many professionals |
| will pay off your current lender and hold the | | | | can help you avoid foreclosure. |
| note.o I will just file bankruptcy and save the | | | | These are a few of the rumors out there |
| house.o For starters this isn't as easy as it once | | | | involving foreclosure. The best advice is to |
| was. Bankruptcy laws are getting tighter and | | | | contact a foreclosure prevention specialist and |
| deliberately more difficult. A chapter 7 bankruptcy | | | | allow them to handle the process. |