There are many myths about foreclosure. Some have a basis in fact however many are just nonsense.

With this post we hope to straighten out some of these myths with some accurate foreclosure information that you can trust. So keep reading to find out what is true and what isn’t.

The Myth: The bank wants to foreclose on my house.
The Facts: The bank rarely wants your house, what they want is the money they lent you paid back with interest. In fact, mortgage companies hate initiating the foreclosure process and will bend over backwards to work with borrowers in avoiding a foreclosure. Sometimes the lender’s flexibility still doesn’t go far enough in stopping the foreclosure. That doesn’t mean that the bank “wants” your home.

The Myth: I was sent a foreclosure notice; I have to move out now.
The Facts: Most states have a very long foreclosure process. Even if you aren’t able to stop foreclosure you are not required to move right away. After a foreclosure you must go through an eviction hearing. If you didn’t move out, eventually you would be kicked out. Be sure you use the time to make different arrangements for housing or to discover a way to protect your home from foreclosure.

The Myth: A chapter 7 bankruptcy will stop foreclosure and will protect me from losing the home.
The Facts: A chapter 7 bankruptcy will halt your foreclosure temporarily. If you are looking at foreclosure, in the long run you need to do something else to retain your home permanently.

The Myth: I can come up with a creative idea to get caught up with my mortgage and present it to the mortgage company and they will support me.
The Facts: Mortgage companies, in most cases, involve complicated bureaucracies and rigid methodologies. Usually the most ingenious plans were destined for refusal upon conception. Stick with a plan within formats and parameters the lender works with everyday to prevent foreclosures. It is smart to get a foreclosure specialist who offers comprehensive effective foreclosure programs to help you when dealing with a mortgage company.

The Myth: I have to take every action I am able to save the house and continue to live in it.
The Facts: Sometimes people needs to move on and begin again. Also there are cases where the owner simply dislikes the home and has no desire to save it. There are methods to get out of a loan without ruining your credit by allowing a foreclosure or just walking away. The plan should be to find the best option to achieve the result you are after.

The Myth: When I tell the judge my sad tale she will not kick me out.
The Facts: A judge is going to follow the law without regard to your tale. You may be granted additional time, but you will just be stopping the action for a while. Eventually you will be removed if you do not work things out with the mortgage company.

The Myth: No one can assist me in stopping my home foreclosure
The Facts: Many ways exist and there are many specialist who are able to help you avoid foreclosure of your home. Loan-Modification-Masters.com is one such place to get assistance in dealing with a foreclosure.

The Myth: By filling a chapter 13 bankruptcy I get to maintain possession of the home no matter what.
The Facts: If you file a chapter 13 bankruptcy it must be approved by the court. In addition you are required make all the payments ordered by the judge or you will forfeit.

The Myth: The mortgage company is not going to require me pay their legal fees for taking my home.
The Facts: Yes they will. Review your loan contract, they made it very clear. It is not going to be cheap: $2000-$5000 is common.

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