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THE 4 FORECLOSURE TRAPS TRAP #1: THE FOREBEARANCE TRAP (Lender payment plan) Forbearance is not a good solution for debtors in foreclosure, although the lender would like you to think so. The lender knows that over 85% of debtors that do forbearance do not make the 2nd payment. The lender also knows that the debtor can’t afford the current payments. So, why are they going to drastically increase your payments and expect you to be able to afford them? Make sure you know how much you can afford comfortably each month before you commit yourself to forbearance. TRAP #2: THE MORTGAGE BROKER TIME TRAP First of all, it is very common for someone to go into foreclosure because of the false promises of a Mortgage Broker. Mortgage Brokers make money through points, which are a percentage of the loan and closing costs. However, if the house goes to foreclosure they don’t lose any money. Understand that a Mortgage Broker is just a Middle Man; they don’t make the final decision. Mortgage Brokers are at the mercy of the banks/lenders, which is why they always have many deals going, hoping one of them actually goes through. TRAP #3: THE DENIAL TRAP Today foreclosures are on the rise. The most common reasons why a debtor will find themselves in foreclosure are: The false promises of a Mortgage Broker, Divorce, Medical Problems, Job Loss, Adjustable Rate Mortgages or a Tragic Event. Any of these events followed with foreclosure can leave a debtor distressed and many times depressed, in a state of mind where they are in denial. It is imperative that you realize that you do have options and the power to stop the foreclosure and get a fresh start. Remember that time is your worst enemy. TRAP #4: THE REALTOR COMMISION TRAP “Realtors are the experts” Many people believe this is true and that they have to list their house with a realtor to sell it. Did you know that realtors do not receive any formal training on how to market and sell a house quickly. Listing a house with a Realtor can cause many problems, other than not selling the house quickly. Your financing may be leveraged to a point were you would have to come out of pocket to pay the Realtor $1000’s (thousands) of dollars in commissions to sell the house. Also, by signing a listing agreement, the Realtor is still entitled to $1000’s of dollars in commissions even if you found someone to buy the house and stop the foreclosure. The harsh reality is a Realtor could actually prevent your ability to stop the foreclosure. 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: Susie Good |
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Susie Good The Good Marketing Connection 408-375-0680 |
| Internet Marketing Services | Free Website Analysis |
