Why You Shouldn’t Trust Your Mortgage Company If You Are In Foreclosure

When you are in a foreclosure, it’s anyone’s bet what you’ll hear from your lenders.  When their money is on the line, rest assured that lenders will do anything and everything they can do to protect it.  Consequently, there is one simple reality that will rear its ugly head in almost every circumstance: when it comes to keeping their financial interests protected, your lenders will not always tell you the truth. 

Many people facing foreclosure make the mistake of trusting their lenders on a host of lies that end up being detrimental to homeowners when everything is said and done.  These lies cost homeowners valuable opportunities to fight the foreclosure or buy some extra time to catch up on payments.  Some common lies that homeowners hear are “we can only help you if you’re 90 days late” or “if you are in a loan re-modification plan, we won’t foreclose.”  Others might hear, “we don’t want your home and want to keep you in it.” 

The fact is that although you should stay in contact with your mortgage company, you shouldn’t believe anything they tell you unless it is in writing first.  And while you should be as up front as possible with your lenders concerning your situation, know that anything you say or do could be used by them to facilitate the process of taking your home.  This is why it is important to speak with a foreclosure defense attorney when you are facing the threat of foreclosure.  It might be the best defense you have in a situation when big corporations and lenders are only looking out for their best interests and bottom lines.