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Foreclosure
Information: Who Can You Trust?
When you need foreclosure information the most,
the sources closest at hand may not be the
best.
Foreclosure Information for Homeowners in
Distress
You see, as soon as you get labeled a
“homeowner in distress,” people are rushing to
give you foreclosure information. But the
people sending you mail don’t necessarily have
your best interest in mind. They’re sending you
the mail to make a buck.
That doesn’t mean that they’re liars. Truth in
advertising laws and banking regulations mean
that most mailers play by the book.
But that doesn’t mean that they’re not guilty
of creative omission either.
The person offering to do a short sale – did he
tell you that 95% of short sale offers fall
through? Or did he offer you hope that you
could walk away.
Right now you need tough love, not false
promises.
So, who should you turn to for real foreclosure
information?
Foreclosure Information from the
Government
The U.S. Department of Housing and Urban
Development
(http://www.hud.gov/foreclosure/index.cfm) has
reliable, no-nonsense foreclosure information
for American homeowners. The HUD website has
links to resources by state, tax relief
options, home saving options, and alternatives
to foreclosure. There are also local HUD
offices in many major cities.
Another good, relatively non-biased source of
information for homeowners is the news media.
Reporters seem to be outraged at the sub-prime
lending practices of banks and feel sympathy
for individuals who are going through a
foreclosure. They also have nothing to gain
from your decision to short sale, go bankrupt,
or fight the banks.
There is a lot of information on the web.
CNN.com and MSNBC.com have both done a lot of
reporting on the issue and their foreclosure
information is considered top notch.
If you can get anything from your lender (not
always possible), the foreclosure information
they give you will be pretty much
straightforward. They would prefer that your
loan not go south (although they don’t always
seem to work to make sure it doesn’t).
Advice from people seeking to make a buck off
you is not so good. These people and companies
aren’t bad, it’s just that they don’t have your
best interest at heart. Verify all information
that someone who is trying to sell you
something is telling you. And don’t rely on
their telling you the whole story.
Foreclosure Information from Friends &
Family
Finally, your friends and family will be giving
you all kinds of foreclosure information – most
of it contradictory. Realize that these people
are well meaning but generally less informed
than you are. Be polite, but don’t take their
advice seriously.
When it comes to foreclosure information, the
best advice comes from people who are
professionals and have no stake in the outcome
of your particular situation, though they may
care deeply about the situation at large.
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