7 Enduring Foreclosure Myths

Foreclosure Myth or Fact?

The Ohio Association of REALTORS® ran an article called Foreclosure Myths Debunked in which several of the inaccurate beliefs were outlined about foreclosure and distressed homeowners choices when financially challenged.

Here are the 7 enduring myths of foreclosure:

  1. Myth: You should stop paying your mortgage so you can leverage assistance with your mortgage payments.
  2. Myth: After a foreclosure, you’ll never get another mortgage.
  3. Myth: Workout options are over once you get a foreclosure notice.
  4. Myth: You need to leave your home as soon as you’re notified that your property is in foreclosure.
  5. Myth: If you’re late on your monthly payments, you’ll lose your house.
  6. Myth: All the offers for help are probably all scams.
  7. Myth: Give up if your lender is not responding to your inquiries.

If you’re concerned about foreclosure in your future, be sure to read our report on how to avoid foreclosure and contact us with any further questions or concerns you may have.