Despite the fact that there are resources to help, some homeowners never seek help.
Homeowners think, “I don’t need help. I can handle the situation on my own.”
In 2005, Freddie Mac conducted foreclosure avoidance research to find out more about delinquent borrowers. They found that more than half of the borrowers in foreclosure proceedings (in their study) had made no contact with their lenders. The top reason delinquent borrowers gave for not contacting their lenders was their belief that they didn’t need to seek help and that they could take care of the situation without the lender’s help. Given that the foreclosure process can take as little as one month in some states; this is a very dangerous gamble. It’s far better to seek help than to hope that things will improve.
Homeowners think, “The lender wants to take my home.”
It is a myth that a lender would want to foreclose on your home. Your lender would much prefer that you pay your mortgage regularly and be a good customer for life. In fact, lenders typically lose money in the foreclosure process, and so they are increasingly looking for ways to help homeowners avoid foreclosure.
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