It can be difficult to tell myth from fact, especially when you are faced with so much conflicting information about foreclosures and the foreclosure realty business. Here are some common myths along with the hard facts you need to know. For more facts about foreclosure visit us at RealEstate.com/Advice1. Banks want your house -- you'll never get it back or find a way to stop foreclosure. Although the foreclosure letter may sound threatening, and you may be tearing your hair out over the non-stop collection calls, you should talk to the bank before it gets too far. Why? Banks do not want your house. The value of the loan is only good when you are paying it, and the house is likely to sit unused or unsold for months before the bank can re-sell and make a profit.
2. Once I start getting the letters, it is over. The wording may be scary, the red letters may be daunting, but you can still fix it by figuring out a payment plan, forbearance or some sort of income-based payment. Be prepared when you talk to the bank and furnish any necessary documents such as tax forms or returns and income stubs.
3. My credit will be scarred forever. I will never be able to take out a loan again. Rebuilding your credit will be quite difficult after experiencing a foreclosure, but remember that it does slide off after seven years. You will have to deal with higher interest rates and bigger down payments because of your current credit status. The trick here is to be patient and budget carefully to manage other existing loans and slowly rebuild your credit.
4. I have no experience buying foreclosures -- I will never make it. Foreclosure first-timers who look into buying homes, commercial properties or land may be overwhelmed at first, but careful research and a little experience will soon turn you into a seasoned foreclosure hunter. The trick is to study, learn and use the resources you have available.
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