Foreclosure MYTHS (THE INDEX)
- Myth: Noone can help me stop a foreclosure. The banks are too powerful.
- Myth: I get letters and notices from people claiming they can help me save my home. Surely I’ll be able to get a good deal from one of them.
- Myth: I have received a notice from the bank demanding that I make up missed payments. I will have to move.
- Myth: The bank wants my home.
- Myth: The bank has accelerated my loan. The entire balance is due right now. I will have to move.
- Myth: I have to do everything I can to save the home and continue to live in it.
- Myth: The bank has begun the foreclosure process. I will have to move.
- Myth: It would be best if I just walked away.
- Myth: The judge has ordered my home sold. I’d better move out.
- Myth: Bankruptcy will stop the foreclosure and save my home.
- Myth: The auction is next week. I’d better move out.
- Myth: The bank will be happy to accept my creative plan to prevent foreclosure.
- Myth: I’ll never be able to get credit again.
MYTHS (THE TRUTH)
1. Myth: No one can help me stop a foreclosure. The banks are too powerful.
Not for me. In fact I might be able to arrange for you to stay in your home for 12 or more months payment-free. You will open a separate bank account (don’t spend it) with some of the money you save by not making mortgage payments. Then you will have money saved to offset what you’ll need for new housing.
2. Myth: I get letters and notices from people claiming they can help me save my home. Surely I’ll be able to get a good deal from one of them.
Don’t deal with them without an attorney else you might start getting rent bills. That’s right. You may lose your home to some scam artist and then find out that he’s treating you as a tenant. And he’s got the papers (signed by you) to back him up. Don’t sign anything or make any deals or promise anything has anything to do with your home without an attorney. Let’s talk about it. Call me on my cell now. I am an attorney and I give advice on Bankruptcy and Foreclosures in Louisville, Kentucky.
3. I have received a notice from the bank demanding that I make up missed payments. I will have to move.
You have plenty of time.
4. Myth: The bank wants my home.
The bank doesn’t want your home; they want the money they lent you. Banks don’t want to be in the real estate business.
5. Myth: The bank has accelerated my loan. The entire balance is due right now. I will have to move.
You have plenty of time.
6. Myth: I have to do everything I can to save the home and continue to live in it.
Not always. Sometimes you just have to move on. But you need to understand your options. This is where this website and a visit to my office comes in. Then you can come up with a decision based on knowledge as opposed to taking a guess.
7. Myth: The bank has begun the foreclosure process. I will have to move.
You still have plenty of time.
8. Myth: It would be best if I just walked away.
Some people do this. But there are better strategies..
9. Myth: The judge has ordered my home sold. I’d better move out.
You still have plenty of time to stay in the home.
10. Myth: Bankruptcy will stop the foreclosure and save my home.
Bankruptcy will stop foreclosure temporarily unless you make up the missed payments and then get current on your mortgage loan.
11. Myth: The auction is next week. I’d better move now.
Bankruptcy will stop the sale.
12. Myth: The bank will be happy to accept my creative plan to prevent foreclosure.
Banks have complex bureaucracies and specific procedures. Many times the smartest plans are rejected.
13. Myth: I’ll never be able to get credit again.
You will continue to receive credit cards in the mail right up until your foreclosure and they will keep on coming before and after a foreclosure or bankruptcy—but the interest rates will be obscene. You will be able to buy a car—again the interest rates will be astronomical. You may be able to buy a house in a couple of years.
Questions? Call me on my cell now at 502-592-9771 so we can discuss your choices. I will pick up personally. 502-592-9771.
