Foreclosure Myths & Misconceptions: Dispelled!

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Foreclosure Myths & Misconceptions: Dispelled!

There are many foreclosure myths & misconceptions, and unfortunately, these misconceptions make it harder for those facing foreclosure to truly understand their options. For this very reason, our New York foreclosure defense attorney has compiled a short bulleted list of some of the most common foreclosure myths in an effort to set the record straight. The most common foreclosure myths are as follows:

  • The bank wants to foreclose on your home: This is simply untrue. Consider this: a bank’s job is to collect money, just like any other business. If they take your home, they will no longer be able to collect interest. Banks would far rather you get back on a reliable payment schedule than to abandon ship altogether.
  • You cannot stop foreclosure after it has begun: This is also untrue. Until your home officially goes up for public auction, you can stop a foreclosure on your home. You must speak with an experienced New York foreclosure defense attorney to learn more about how our firm can help prevent a foreclosure.
  • A foreclosure means that you will be “thrown out onto the street.”: If you miss one or more payments, or even if you receive a notice from your lender, this does not necessarily mean that eviction is imminent–of course, it is not off the table entirely, however, you still retain the right to live in your home until the foreclosure is final. Our firm can work to help you build a strategy that will allow you to get your financial situation back on track and help you stay in your home–for keeps.
  • A foreclosure will permanently ruin your credit: While yes, a foreclosure will hurt your credit for some time–usually, at least seven years–plenty of homeowners throughout the United States have successfully recovered from foreclosure once they can prove they are capable of handling credit.

The bottom line is that there is almost always a solution, and no matter your situation, if you are facing a foreclosure on your home, you must speak with our aggressive Rockland County foreclosure defense attorney who will do everything in his power to help you move on with your life. Give our firm a call today so we can get started, as time is of the essence.

CONTACT OUR EXPERIENCED ROCKLAND COUNTY FIRM

Here at The Law Offices of David M. Katz, P.C., we understand how frightening the prospect of losing your home due to foreclosure can be. For this very reason, our experienced attorneys have dedicated decades of our professional careers working to help those facing foreclosure stay in their homes and move on with their lives. Contact our firm for the experienced, compassionate guidance you deserve and need. 

How Do We Fight Against Foreclosure?

The Law Office of David M Katz, P.C. has extensive experience helping New Yorkers save their homes from foreclosure. Foreclosure itself has a wide range of impacts that can be avoided with the help of our firm. It is time to get the relief you deserve. Contact us today.

Loan Modification

You may be eligible to save your home by adjusting your mortgage. Every residential foreclosure lawsuit must go to the Foreclosure Settlement Conference to see if you qualify for a loan modification. We can represent you.

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Loss Mitigation

Loss mitigation stops foreclosure in its tracks, requiring your lender to assess your financial ability to see if you qualify for a government or internal bank loan modification. Having an experienced attorney is invaluable.

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Mortgage Litigation

You may be facing an illegal foreclosure, and it may stem from the terms of your loan, or much more. Our law firm is ready to explore every potential defense on your behalf.

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