Foreclosure Myth # 1: This is my fault
Facing foreclosure and the onslaught of debt collector harassment can be emotionally exhausting. Your feelings may range from fear, shame and guilt to anger, helplessness and even rage. Debt collectors pray upon these feelings to manipulate you into giving up your rights.
The first thing you must accept is that you are not to blame.
Like most homeowners, when you purchased or refinanced your home, you probably relied on a stream of professionals whose duties included ensuring loans would not end up in foreclosure. These professionals range from appraisers and brokers all the way to lenders and underwriters. It is likely they expressed to you that your home was among the greatest investments you could make, and that not only could you afford it, but payments would be easier to make over time.
Sadly, in many cases, the borrower's needs and interests were the farthest thing from their minds. Through a vast system of "perverse incentives," homeowners have been herded like cattle through the lending process with little-to-no regard for their futures.
Foreclosure Myth # 2: Foreclosure is inevitable; I can't fight a bank
The idea of standing up to a lender may be scary at first. Many homeowners feel they are powerless. They assume lenders have abided by the law. In fact, there are usually many reasons why a lender attempting to foreclose is not entitled to do so. Recent data suggests that over 60% of all residential home loans in the United States are severely flawed.
It is your right to demand that a lender proves it deserves to foreclose before it forecloses. The law entitles you to information and procedures meant to protect you and to keep lenders honest. Confidence comes from having someone who can help you navigate that law. Even if the lender is able to meet all legal requirements, you will still have peace of mind knowing that you did everything in your power to stay in your home legally and ethically.
Foreclosure Myth # 3: I have to wait until they foreclose
The earlier you start the process of challenging the lender, the better. While many homeowners do wait until they receive a notice of default or a notice of trustee sale to seek assistance, waiting only helps the lenders. Seek assistance as soon as possible. Even if you think you are current on your payments, it's quite possible that you have been paying the wrong party.
Foreclosure Myth # 4: I can't afford an attorney
Fees demanded by attorneys to defend against foreclosures vary widely. Our mission is to help homeowners stand up to lenders who wrongfully attempt to foreclose. We cannot do that unless we provide affordable representation. We provide low-cost initial consultations and we work with clients in many different financial situations to provide the representation they deserve in a manner they can afford.
Contact us today at 1-888-327-4275 to set up an appointment.