3 Popular Foreclosure Myths That Harm Unsuspecting Homeowners

Myth #1. A Loan Modification is the Cure

Statistically less than 5% of loan mods are successful when homeowners go it alone.

What you’re NOT told is that the banks consider you already in foreclosure while in the middle of a loan mod. In fact, foreclosure is actively progressing.

Banks, attorneys and other third-party servicers have devised clever and complicated schemes to lull homeowners into a false sense of security.

Unfortunately, a modification or other settlement eventually runs off the track. You needlessly lose your home while banks make millions, billions, trillions and more.

Illegal foreclosures abound. Banks get fined, a stern slap on the hand, a political “wink & a nod.” Laws are broken. No one goes to jail. Foreclosure fraud continues unabated.

The good news is that regular homeowners can halt their foreclosure and a lot more with truthful information and guidance.

You see when foreclosure seems imminent homeowners typically think, “I’ll call an attorney. Surely they’ll know what to do.”

Myth #2. Only an Attorney Can Defend You

Yes, on the rare occasion. However, despite their education, the great majority of attorneys don’t understand banking or financial matters.

When it comes to foreclosure matters, we’ve found that many otherwise good attorneys won’t “do the right thing.” More so they are not inclined to stand up against large banking interests. And why?

Many attorneys simply assume that the banks are always right. However, that won’t stop them from taking your hard earned cash in order to slow down foreclosure.

Unfortunately, your savings are drained and you’re no closer to a workable solution. Sure you buy time but it just prolongs the agony-delays what most attorneys believe is the inevitable-foreclosure.

You shouldn’t have to lose your home over incorrect knowledge, flawed assumptions, the lack of experienced guidance or a bias toward protecting banking interests. Solutions exist but rarely in the mainstream.

The great majority of homeowners have been programmed to believe that banks do the right thing. Banks follow the rules, abide by laws, including notes and mortgage agreements. After all government regulators are watching-right? Let’s examine the facts.

Myth #3. Foreclosures Are Generally Legal

Yes, some are. However, the great bulk of mortgages were securitized, bundled and sold throughout the world leaving a trail of hidden and seriously flawed paperwork.

Fact: Before foreclosing, banks must first prove a security interest (ownership) in your note and mortgage.

Most banks cannot prove this interest without generating fraudulent documents. If not challenged, they end up taking your home illegally.

Yes, illegally. However, the homeowner who learns how to successfully bring this to light can and do stop the bank in their tracks.

Most banks expect homeowners to cut and run. They don’t believe you will muster the courage or know how to stand up and do what’s right to defend your property interests.

You must let the banks know that you mean business or they will continue to run their clever and complex schemes. Foreclosure is not inevitable.

More and more homeowners are learning how to stand up and prevailing against big banks.

Source by Daron M. Powers

Ben Wills

I am a professional finance expert and business lover.

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