==== ==== Book Of The Year: Myth Behind Foreclosure, Wall Street,big Banks & You http://budurl.com/mybookmyth45 ==== ====
Most homeowners are not aware of the foreclosure laws of their state and even if they know anything about it, they assume that the foreclosure laws are designed to protect the big banks and not the homeowner. The fact is these laws were written in favor of the homeowner and not the lender. The foreclosure process actually makes the lenders follow a step by step approach, which allows the homeowner certain time frames to somehow cure the foreclosure, whether it's paying it off or catching up on the payments. The Foreclosure process actually buys the homeowner time to get their finances in order and to research the their necessary options that are available to them, whether they want to keep the home or get rid of it and move on. One of the most common myths about foreclosure is that your lender wants you home. While this may seem true if you ever dealt with you lender and all they do is give you the run around, its not, as lenders are in the lending money and collecting interest business and not the owning real estate business. Let's look at what happens if a lender forecloses on your home. There are certain expenses that are associated with foreclosure, such as attorney fees, court cost, insurance, taxes, and rehabilitation expenses to get the property ready to be put back on the market. They will not be able to collect the on your late payments and then they have to pay a real estate agent to sell the property for them. Especially in Florida, lenders really have to think twice about foreclosing because most of the properties are already upside down in value and to foreclosure they are looking on investing on average about $50,000. This is why foreclosure is a last resort for the lender as it's more favorable for the lender to work out some type of work out plan to keep you in the property and to get you paying you monthly payments again. Most homeowners when they start falling behind with their payments, they stop talking to their lender as they ignore the phone calls and stop opening the mail from their lender. It's important to keep the lines of communication open during this process as the lender will be more willing to work with you to find a solution and stop or delay the foreclosure. When you do talk to your lender you will want to take very detailed notes such as, date, time, full name of the representative, their contact information, what was discussed and what's suppose to happen next. You want to be honest with them, don't give them the run around, and if you can't make the payments, let them know about your hardship and they will let you know what options are available to you, to get you out of foreclosure.
Marlon Baugh is a nationally-known mortgage expert. Since 2003, he has specialized in Florida FHA Mortgage Loans for people with Bankruptcies, Foreclosure or with other credit issues, as well as Florida Loss Mitigation. If you would like a Free Copy or to get instant access to the remainder of this Insider Mortgage Report, please visit http://specializedfinancialsolutions.com/lendersexposed.htm or Call 954-678-5796
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==== ==== Book Of The Year: Myth Behind Foreclosure, Wall Street,big Banks & You http://budurl.com/mybookmyth45 ==== ====