Caution!

Visiting this web site requires a newer version of Netscape Communicator.

Visit Microsoft's Web site to obtain the newest version of Internet Explorer, or visit Netscape's Web site to obtain the newest version of Netscape Communicator.

Visiting this web site without first upgrading your browser may result in unreliable behavior.


Internet Marketing Services Free Website Analysis
 







THE CONSUMER'S GUIDE TO THE FORECLOSURE PROCESS

5 MISCONCEPTIONS ABOUT ATTORNEYS, REALTORS, AND MORTGAGE LENDERS



Misconception #1: “The bank said that I can do a DEED in LIEU and not have a Foreclosure on my record.”

This is probably one of the worst things you can do in your situation. When the Lender asks you to do this, they are asking you to voluntarily Foreclose. Don’t let the Lender fool you, your credit report and personal record will clearly read DEED IN LIEU in other words a VOLUNTARY FORECLOSURE. A DEED in LIEU is not for your benefit, it is for the lender’s benefit, it eliminates the cost of them having to formally Foreclose, but you still lose the house and have your credit record permanently scarred.

Misconception #2: “The Lender told me I can work out an affordable payment plan”.

Sometimes Lenders will work out a payment plan called forbearance, but it is never reasonable and your payments will increase significantly. If you can’t afford your payments now, how does the lender expect you to pay hundreds or sometimes thousands of extra dollars, each month in your monthly payments? Statistics show that approximately 85% of homeowners in Foreclosure do not make the second payment with a forbearance plan.

Misconception #3: “The Lender won’t kick me out because my husband and I have medical disabilities and 6 kids living in the house”.

The sad unfortunate truth is that the lender only cares about collecting their debt no matter what your situation is. The harsh reality is that once the house goes to Foreclosure, in most states, the sheriff will show up at the house and order you and your family to vacate the property immediately.

Misconception #4: “I owe too much on my house so if I sold my house with a realtor I would have to pay thousands of dollars in commissions and closing costs. I can’t sell the house, it’s not an option, and I don’t have the money”.

Remember, you don’t need a Realtor to sell the house. Unfortunately, in many situations the person in Foreclosure can’t sell the house to stop the Foreclosure because they can’t afford Realtor Commissions and Closing Costs or there is not enough time to sell the house and close it before the auction date. These problems can be overcome by working with an experienced investor that has a working relationship with lenders, and is willing to negotiate with these lenders on your behalf. There are many times where the investor is willing to take risks and pay money to buy time through negotiating with lenders.


Well, we hope we cleared up any misconceptions you may have had about the Foreclosure process. Also, be sure to ask these 4 questions and listen carefully to your own answers:



1) Can I really afford the significant increase in payments through forbearance or payment plan?

2) Should I wait until the sheriff shows up and orders me and my family to vacate the house or should I do something about the situation now?

3) How much money can I comfortably afford in monthly payments?

4) How can I get out of this situation without having to pay thousands of dollars in Attorney’s fees, Realtor Commissions and Closing Costs?

For an evaluation of how we can best help you, go to the FREE FORECLOSURE EVALUATION

Provided as an educational service and not intended as legal advice by:

Foreclosure Specialists:

Susie Good
408-375-0680
Information@avoid-foreclosure

Sitemap


Susie Good
408-375-0680



Internet Marketing Services  |  Free Website Analysis



Sign In