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 go it alone.

What they do NOT tell you is that the 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 devised clever and complicated schemes to lull homeowners into a false sense of security.

Unfortunately, a modification or other fix eventually gets out of the way. You needlessly lose your home while the banks make millions, billions, trillions and more.

Illegal foreclosures abound. Banks are fined, a stern 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 much more with truthful information and guidance.

You see, when foreclosure seems imminent, homeowners often think, “I’ll call a lawyer. They’ll probably 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’ve found that many good attorneys don’t “do the right thing.” Furthermore, they are not willing to confront the big banking interests. And because?

Many lawyers simply assume that the banks are always right. However, that won’t stop them from taking your hard-earned money to delay foreclosure.

Unfortunately, your savings have been depleted and you are no closer to a viable solution. Sure it buys time, but it only prolongs the agony, delaying what most attorneys believe is inevitable foreclosure.

You shouldn’t have to lose your home because of incorrect knowledge, faulty assumptions, lack of experienced guidance, or a bias toward protecting bank interests. Solutions do 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, they abide by 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, the vast majority of mortgages were securitized, packaged and sold around the world, leaving a trail of hidden and seriously flawed paperwork.

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

Most banks cannot prove this interest without generating fraudulent documents. If they don’t question themselves, they end up taking their house illegally.

Yes, illegally. However, the owner who learns to successfully bring this to light can stop the bank in its tracks.

Most banks expect homeowners to cut themselves off and leave. They don’t think you’ll have the courage or know how to stand up and do the right thing to defend your property interests.

You must let the banks know that you are serious 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 to and prevail against the big banks.

Leave a Reply

Your email address will not be published. Required fields are marked *

Back To Top