5 Foreclosure Myths – Debunked
Defaulting on your home is always a scary situation. Not only do you have to worry about moving and having a new place to live, but you have to worry about your credit score and ability to buy a home in the future. Unfortunately, myths regarding foreclosure tend to make this stress and anxiety even worse. Luckily, here are 5 foreclosure myths we have debunked.
Myth 1: It's a Fast Process
One of the biggest myths regarding foreclosure is that it is something that will happen extremely quickly when you start struggling to pay your mortgage. The truth is, banks will typically not finalize the foreclosure process for 14 to 26 months, depending on where you live.
Myth 2: You only have to Miss One Payment
Missing one …show more content…
While many homes in low-income areas tend to become foreclosed, so do those homes in million dollar locations.
Myth 4: Your Out of Luck when the Bank Refuses Payments
At some point, your bank may refuse to accept payments from you unless you have the entire amount due. At this point, you may need to work with a professional to help get the bank to work with you a little while longer. But, you should not give up on keeping your home even if you reach this point.
Myth 5: After a Foreclosure, I can never Own a Home Again
While it is true that having a foreclosure on your credit will damage it greatly, there are banks that will offer you a home loan soon after a foreclosure. While you may have to pay much higher closing costs and interest rates, it is still possible to purchase a home after a foreclosure.
A foreclosure is a scary thing. However, by debunking these myths, you will be able to rest assured that all is not lost if you are facing one. Regardless of whether you are currently going through a foreclosure or trying to stop one, this information can help you make better decisions about your financial future.
For assistance with a foreclosure or to learn more about what you should expect, contact us
Defaulting on your home is always a scary situation. Not only do you have to worry about moving and having a new place to live, but you have to worry about your credit score and ability to buy a home in the future. Unfortunately, myths regarding foreclosure tend to make this stress and anxiety even worse. Luckily, here are 5 foreclosure myths we have debunked.
Myth 1: It's a Fast Process
One of the biggest myths regarding foreclosure is that it is something that will happen extremely quickly when you start struggling to pay your mortgage. The truth is, banks will typically not finalize the foreclosure process for 14 to 26 months, depending on where you live.
Myth 2: You only have to Miss One Payment
Missing one …show more content…
While many homes in low-income areas tend to become foreclosed, so do those homes in million dollar locations.
Myth 4: Your Out of Luck when the Bank Refuses Payments
At some point, your bank may refuse to accept payments from you unless you have the entire amount due. At this point, you may need to work with a professional to help get the bank to work with you a little while longer. But, you should not give up on keeping your home even if you reach this point.
Myth 5: After a Foreclosure, I can never Own a Home Again
While it is true that having a foreclosure on your credit will damage it greatly, there are banks that will offer you a home loan soon after a foreclosure. While you may have to pay much higher closing costs and interest rates, it is still possible to purchase a home after a foreclosure.
A foreclosure is a scary thing. However, by debunking these myths, you will be able to rest assured that all is not lost if you are facing one. Regardless of whether you are currently going through a foreclosure or trying to stop one, this information can help you make better decisions about your financial future.
For assistance with a foreclosure or to learn more about what you should expect, contact us