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If you’re in danger of losing your home, you understandably feel worried and stressed out right now. Believing certain untruths about foreclosure may put you in an even worse situation. Here are some common misconceptions about foreclosure that you shouldn’t believe.

Once Foreclosure Begins, You Can’t Save Your Home

Unfortunately, many homeowners assume there’s nothing that they can do once the foreclosure process begins. However, it’s important to understand that the process can take multiple months to complete. Therefore, it’s still possible to negotiate and save your home from being taken away.

Foreclosure Only Happens to Financially Irresponsible Homeowners

Some people still assume that homeowners who get foreclosed on must be irresponsible with their money. However, this isn’t always the case. From job layoffs to medical emergencies, there are uncontrollable circumstances that result in foreclosures. If you, for example, were diagnosed with a serious illness, you may have mountains of medical bills and can no longer work. As a result, you’re no longer able to afford your mortgage.

If I Lost My Job, I Don’t Have a Defense Against Foreclosure

If you’re unemployed, you might think that you have no chance of stopping the foreclosure process. However, as mentioned above, foreclosure tends to be a lengthy process. As such, you may still have plenty of time to find a new job and negotiate a modification with your mortgage company.

Lenders Want to Foreclose

Another common myth about foreclosure is that lenders are eager to do it. The truth is, however, that lenders would rather avoid foreclosure because it’s a costly ordeal for them. They will often send homeowners who are late on their payments multiple notices before beginning the foreclosure process.

I Don’t Have to Hire a Lawyer for Foreclosure Mediation

If you wish to save your home from foreclosure, you will likely have to attend mediation. Some homeowners mistakenly believe that they can just negotiate with the bank themselves and forgo hiring a lawyer. Mediation can be quite intimidating and you might say the wrongs that will jeopardize your chances of winning your case. That’s why it is worth it to hire an experienced foreclosure lawyer to defend your case. He or she can coach you on what to say and improve your chances of winning back your home.

Schedule a consultation with a foreclosure lawyer, like one from the Law Offices of Neil Crane.