Foreclosure can be a scary process, even at the best of times, but it can be made much worse when people do not know what they are getting into. Unfortunately, many people become the victim of common myths about foreclosure that can lead them to make decisions that hurt them in the long term. That is why you should be careful about acting on these seven common foreclosure myths:
- People only face foreclosure when they are financially irresponsible
- One of the more common foreclosure myths manifests as a certain mentality among some people that tends to blame victims of bad circumstances for their own misfortune. Sadly, most people who foreclose on their homes do so as a result of unavoidable emergencies, like medical expenses or repair bills, rather than as a result of their own irresponsible financial habits.
- When foreclosure starts, there is no way to stop it
- Some people believe that the moment that the foreclosure process ends, they will wind up losing their home no matter what. However, in reality there is always an opportunity to end the process, right up until the completion of the foreclosure and sale at auction.
- Foreclosure begins with the first missed payment
- Another one of the common foreclosure myths says that homeowners may face foreclosure the moment they miss their first mortgage payment. In reality, however, foreclosure is a protracted process, and it can take months between your first missed payment and when you finally receive a foreclosure notice.
- Mortgage lenders want to foreclose on you
- This may seem obvious when it is stated outright, but mortgage lenders want your money, not your house. While they can potentially make money by foreclosing on you, that can be complicated and expensive, and generally they would much rather you just keep making your mortgage payments.
- You have no responsibility to your property once foreclosure begins
- There are a shocking number of people that allow their properties to fall to shambles the moment foreclosure begins. However, this ultimately winds up hurting themselves, since they may face additional legal hurdles if their property falls into disrepair, especially if they ultimately wind up selling their property in a short sale or auction.
- You can leave your property behind if you are facing foreclosure
- Rather than deal with the foreclosure process, some people will simply leave behind their properties when they begin missing payments. This is a terrible idea for a number of reasons, however, not the least of which is that you will lose any chance to keep possession of your home later on.
- You can handle a foreclosure on your own
- Foreclosure is a long and difficult process, but some people still try to handle it on their own. Instead of trying to navigate the foreclosure process yourself, you should speak to a lawyer with experience handling foreclosure law matters, who can help you determine what may work best for you.
At David J. Lorber & Associates, PLLC, we assist clients throughout New York who are at risk of losing their homes to foreclosure. We will explain your options and guide you in making the best decision for your circumstances. Call us at (631) 750-0900 or contact us online to schedule your Free consultation at our Setauket office.