==== ==== Book Of The Year: Myth Behind Foreclosure, Wall Street,big Banks & You http://budurl.com/mybookmyth45 ==== ====
Myths are a bit like gossip, the more they are repeated the worse they become. And in most cases they are not true to start with. It seems like all misfortune creates their own myths - and foreclosure is no exception. Below we will look at the most common myths associated with foreclosure. 1. Your lender is just waiting for you to be late on a payment so they can foreclose on your home and resell it at a profit. This one is definitely not true. Mortgage lenders are in the business of lending money, not real estate. It is correct that when they are forced to repossess a home through a foreclosure they resell it to try and get their money back, but they don't make nearly as much as they would have had the loan continued. 2. After you've missed a payment the lender won't accept any further payments. This myth may have started with those trying to make a partial payment without contacting their lender first. After you've fallen behind on a mortgage payment, the bank - or any lender - wants the full payment agreed upon at the inception of the loan - however; there are steps you can take to stop foreclosure, and most lenders will work with you to get your situation straightened out. This is why you should be quick to seek help from your lender as soon as you realize you may have a problem making your payments. 3. You must move out of your home the same day you receive a foreclosure notice. Nothing could be further from the truth. The wheels turn slowly, and in some cases you could have up to 12 months before you will have to leave the home. But don't think that just because you've gotten a notice of foreclosure that it is a done deal. If you take action promptly there are options available to you to help stop foreclosure and remain in your home. 4. Filing for bankruptcy will stop the foreclosure. It won't. Filing for bankruptcy will delay the foreclosure proceedings, but you will still be responsible for the original loan. 5. Once the lender has repossessed the home your obligation to the lender is fulfilled. This is not necessarily true. The lender is legally able to file a deficiency notice on you if they don't get enough from the sale of the house to cover their debt.
6. When the lender takes back your house, they can also take your possessions that are in the home. Not true. If they can be carried, you can take your possessions with you when you leave the home. If it is attached to the house it should be left.
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==== ==== Book Of The Year: Myth Behind Foreclosure, Wall Street,big Banks & You http://budurl.com/mybookmyth45 ==== ====