3 Popular Foreclosure Myths That Hurt Unsuspecting Homeowners
Myth # 1. A loan modification is the cure.
Statistically, less than 5% of loan modifications are successful when homeowners do it alone.
What they are NOT telling you is that banks consider you already in foreclosure while you are in the middle of a loan modification. In fact, foreclosure is actively progressing.
Banks, lawyers, and other third-party service providers have come up with clever and complicated schemes to lull homeowners with a false sense of security.
Unfortunately, a modification or other agreement eventually gets off track. You unnecessarily lose your home while banks make millions, billions, trillions, and more.
Illegal foreclosures abound. The banks are fined, a severe slap on the hand, a political “wink and nod”. Laws are broken. Nobody goes to jail. Foreclosure fraud continues unabated.
The good news is that regular homeowners can stop their foreclosure and more with truthful information and guidance.
You see when foreclosure seems imminent, homeowners often think, “I’ll call a lawyer. They will surely know what to do.”
Myth # 2. Only a lawyer can defend you.
Yes, on rare occasions. However, despite their education, the vast majority of lawyers do not understand banking or financial matters.
When it comes to foreclosure matters, we have found that many otherwise good attorneys will not “do the right thing.” Furthermore, they are unwilling to take on big banking interests. And because?
Many attorneys simply assume that banks are always right. However, that won’t stop you from taking your hard-earned money to stop foreclosure.
Unfortunately, your savings are depleted and you are no closer to a viable solution. It sure buys time, but it only prolongs the agony – it delays what most lawyers believe to be the inevitable foreclosure.
You shouldn’t have to lose your home to incorrect knowledge, wrong assumptions, lack of experienced guidance, or a bias towards protecting bank interests. Solutions exist, but rarely in the mainstream.
The vast majority of homeowners have been programmed to believe that banks are doing the right thing. Banks follow the rules, follow the laws, including promissory notes and mortgage agreements. After all the government regulators are watching, right? Let’s examine the facts.
Myth # 3. Foreclosures are generally legal.
Yes, some are. However, most mortgages were securitized, bundled and sold around the world, leaving behind a hidden and seriously flawed trail of paperwork.
Fact: Before foreclosing, banks must first demonstrate a security interest (property) on your promissory note and mortgage.
Most banks cannot demonstrate this interest without generating fraudulent documents. If they don’t challenge them, they end up taking your home illegally.
Yes, illegally. However, the homeowner who learns how to get this out successfully can stop the bank in its tracks.
Most banks wait for homeowners to go and go. They don’t believe that you will muster the courage or know how to stand up and do the right thing to defend your real estate interests.
You must inform the banks that you are serious or they will continue to execute your ingenious and complex schemes. Foreclosure is not inevitable.
More and more homeowners are learning to stand up and prevail against the big banks.