If a homeowner is struggling financially or feels desperate because their mortgage balance exceeds current market value, abandoning their home is actually the last thing they should do. Contrary to popular belief, lenders do not want to foreclose on their property. I know of homeowners who haven't made a mortgage payment in over a year who are still in their homes.Many people believe that if they miss a mortgage payment the bank will foreclose and this means that they and their belongings will be thrown out into the street. This is just not true. Banks have procedures they must … (3 comments)
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