Tagged : foreclosure

Found 1 blog entry tagged as "foreclosure".

The idea of your home getting foreclosed on can send a chill up your spine. It's understandable. Thinking that a bank shuts you out of your home with ruined credit is an awful thought. 

But here's the reality check: Not everything that you've heard about foreclosing is true. Here are the most common misconceptions about the process.

 

Myth 1: Banks want to foreclose on your home

Not true. While the lender has a legal obligation to get back the money still owed, foreclosure is always the last resort. 

Remember that banks get revenue from collecting interest, not owning real estate. 

 

Myth 2: You can't refinance with another lender

Refinancing is one of the ways that many try to avoid foreclosure. But what you may not know

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