Seven Mistakes to Avoid When Seeking Foreclosure Help:
MISTAKE #1: Choosing a Predatory "We Buy Houses"
Investor
There
are many companies and individuals in Michigan that promise
that “I Buy Houses” or “I Stop Foreclosures”.
You need to understand that many of them are much more interested
in taking your home and your equity than they are about
helping you. See this Special
Report for details.
MISTAKE
#2: Choosing to spend thousands of dollars to have an Attorney
file Bankruptcy based on the assumption that it will make
the Foreclosure go away.
Many
home owners will spend everything they have on an Attorney
to file Bankruptcy only to lose the house. All they have
done is paid thousands of dollars in Attorney’s fees,
when they could have kept their money and had the same result.
Know the bottom line of what this will cost and what your
new increased monthly payment will be before filing Bankruptcy.
Be sure to ask the attorney these
questions.
MISTAKE
#3: Choosing to spend every last penny by agreeing to a
forbearance (payment plan), that the Lender told you to
do.
Increasing
your monthly payments isn’t going to solve your problem.
You are here because the payments were unaffordable in the
first place. A Lender will increase your monthly payment
through forbearance knowing that more than 85% of the people
will not make the 2nd payment. The Lender is just trying
to get every last penny before they follow through with
the Foreclosure proceedings. Make sure you know your budget
and what you can afford before agreeing to forbearance.
Also, have the Lender fax you in writing what your payments
will be.
MISTAKE
#4: Choosing to sign a Deed in Lieu of Foreclosure with
the Lender.
The
Lender will ask you to do this leading you to believe that
it is in your best interests. But the reality is that it
is in their best interests. Don’t make this mistake
because your public record will clearly read DEED IN LIEU
in other words a VOLUNTARY FORECLOSURE. This is just as
bad as a FORECLOSURE. This is of no benefit to you and completely
eliminates your credit options and your ability to take
control of the situation.
MISTAKE
#5: Choosing to wait until the last minute to do something
about your situation.
Time
is your worst enemy and the clock is ticking. People wait
because they are in denial, due to distress or sometimes
depression. Waiting too long will leave you with little
or no options to take control of your situation. Explore
your options now and make an educated decision on what
is best for you. Remember that time is your worst enemy
so get us on your side today!
MISTAKE
#6: Choosing to count on a Mortgage Broker’s promise
to get you a loan.
A Mortgage
Broker has nothing to lose if the house goes to foreclosure.
They are the Middle Man and are at the mercy of a bank who
they report to. If you are absolutely confident in your
Mortgage Broker, make him/her commit a deadline to you in
writing. Also, be sure you know ahead of time if the new
monthly payments will be affordable for you.
MISTAKE
#7: Choosing to listen to the poor advice of an Attorney,
friends, or family, telling you not to act on an option
that is good for you.
For
example: Many home owners decide that the best solution
is to sell the house, stop foreclosure, and put the problem
behind them and make a fresh start. The Attorney, friend,
or family relative will advise them not to do this, without
offering a solution they are willing to provide to stop
the Foreclosure. Remember this is about you and no one else.
Make sure that you make an educated decision that works
best for you.
There's
Still Hope
If you've
already made one or more of these mistakes, don't despair!
Many of them can be un-done, but you'll need our help. Contact
us as soon as possible so we can help you get
back on track.
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