Shannon Peer, Colorado's Foreclosure Prevention Hotline Director uncovers several foreclosure myths that homeowners should know about:
Myth: You need to be two to three payments behind before the bank can help.
Truth: Contact you bank even before you miss your first payment.
Myth: The bank is stalling and losing my paperwork because they want to foreclose on my house.
Truth: The bank does not want to own your house.
Myth: The bank has an obligation to work with every homeowner.
Truth: Most banks want to work with homeowners, but not every bank is required to work with homeowners.
Myth: A loan modification can fix every foreclosure.
Truth: There a many different workout options used to prevent foreclosure.
Myth: All loan modifications are the same.
Truth: There are lots of differences among loan modifications.
Myth: The foreclosure process stops once you have submitted your documents for review.
Truth: The foreclosure process will more than likely continue while your documents are being reviewed.
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