The idea of your home getting foreclosed on can send a chill up your spine. It's understandable. Thinking that a bank shuts you out of your home with ruined credit is an awful thought.
But here's the reality check: Not everything that you've heard about foreclosing is true. Here are the most common misconceptions about the process.
Myth 1: Banks want to foreclose on your home
Not true. While the lender has a legal obligation to get back the money still owed, foreclosure is always the last resort.
Remember that banks get revenue from collecting interest, not owning real estate.
Myth 2: You can't refinance with another lender
Refinancing is one of the ways that many try to avoid foreclosure. But what you may not know
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