Foreclosure myths, debunked
Although there are a number of programs available to help homeowners who have defaulted on their mortgages keep their home, the large amount of misinformation tends to result in troubled homeowners failing to contact their lender until it is too late.
Making sense of the story
- Some homeowners believe, incorrectly, that contacting their lender
early in the process will draw attention to their situation and result
in a quicker foreclosure. In reality, contacting the lender or servicer
is an important first step, and the sooner, the better. Contacting the
lender provides the homeowner with an opportunity to explain their
situation and the steps necessary to deal with it.
- It is a common misconception that…
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