Today, Neva talks about the top 3 misconceptions people have about their home going into foreclosure.
- Why would the bank foreclose when they are going to loose money? WRONG! They don’t loose money, many time they are protected by mortgage insurance and they can come after you for the deficiency debt.
- We were told that the foreclosure notice is there just to scare us to make additional payments, they don’t really plan on selling it. WRONG! That notice means that the bank is ready to start the foreclosure any day. You need to act.
- Doing a short sale and letting it go to auction is pretty much the same thing, isn’t it? WRONG!! With a short sale you have the ability to get the bank to waive the deficiency debt. Think of it this way, a short sale is like a fender bender and a foreclosure is like a catastrophic accident.