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3 of 8 Most Common Mistakes Homeowners Make...And How To Avoid Them.
MISTAKE #3: Thinking the lender will work with you to get you out of this mess.Sometimes the lender offers you a way to delay your payments. It's called forbearance. They'll act like it's a reasonable solution. But guess what? It's never going to be reasonable or fair for YOU. It's only going to stall things for a little while, and put even more money in the bank's pocket.You see, the way the bank works this in their favor is to tack on hundreds or thousands of dollars MORE to your monthly payment. After all, they want their money paid back and you've gotten behind in your payments. This means your payment will be MUCH HIGHER than it was before. If you can't afford your payments now...how are you supposed to afford higher payments as a way to "help" you? If you decide to go with this kind of arrangement, you should insist they spell out in writing exactly what the new payments will be.You must understand this...Statistics show that approximately 85% of homeowners in Foreclosure do NOT make even the second payment with a forbearance plan. The lender already knows the odds are AGAINST you with this arrangement right from the ... more

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