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Save Some Money by Separating the Facts from the Myths on Foreclosures

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By : marco benavides    99 or more times read
You can save yourself some money and future headaches by separating facts from myths on foreclosure. People who are desperate sometimes do things without thinking, or they act out of emotion rather than thinking things through, and this can be very costly if you are facing a foreclosure.

There are companies that are out there to capitalize on your desperation, and you need to try to remain as calm as possible through the entire proceedings. One of the worst mistakes that you can make is to pay for foreclosure information and counseling, believing false promises that your home can be save with little or no effort.

The fact is that the information and counseling that these companies provide are offered free of charge by non-profit and government agencies, so you will be paying a lot of money for something that is free. It is also a fallacy that if you pay for counseling and information it will be better because everyone relies on the same basic information and procedures.

It is quite a myth that lenders will not talk to third parties, so it makes no sense at all to talk to a foreclosure counselor. The truth in this instance is that you will sign an agreement with the counselor so that the counselor can go talk to your lender, and your lender will probably have staff ready to deal with foreclosure counselors.

And speaking to a foreclosure counselor does not show that you cannot handle your finances, or that things are spiraling out of control. Going to speak to a counselor about the foreclosure is actually the smart and savvy thing to do in this case.

If you put things off until the last minute, if you wait until you have no other options to go see a counselor, it will probably already be too late. You should pay a visit to a counselor as soon as possible so that the counselor can properly guide you through the things that can be done.

Filing for Chapter 7 bankruptcy will save your home - false premise. It will only put off foreclosure proceedings, and you will eventually have to figure out something else so you can save your home, which is why seeking counseling is the smart move.

If you are planning to file for Chapter 7 bankruptcy so that you can figure out a brilliant plan to take to your lender and save your home, save yourself some headaches. Lenders are bureaucracies, and they have procedures in place that they have to follow when there is a foreclosure involved.

Your brilliant idea is probably not going to get any consideration, and the bank will have to go through with foreclosure. By the way, your lender is does not want your property so that it can resell it and profit from it again.

Proceedings to take over your property take time and cost money, and your lender would rather recover the money that you owe. There is a myth that lenders want to have the property, and lenders are in the money business, not in real estate.

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