A Few Facts and Fallacies About Foreclosure

There are many misunderstandings concerning the issue of foreclosure in Bexar County. Unfortunately these misconceptions have lead many homeowners in San Antonio to take all the wrong actions in trying to stop the Texas State foreclosure process, which ultimately caused them to lose their homes. Below are a few of the myths that seem to persist regarding bank foreclosures.

The bank wants your Bexar County home so they can resell it.
Nothing could be further from the truth. The bank almost never wants your house; they want the money you owe along with interest. Typically banks usually hate going through the foreclosure process and will bend over backwards to work with homeowners in avoiding a foreclosure.

The bank won't modify my payments. I'm all out of options.
The bank wants you to bring your payments current. Period. Remember they are in the money business. The interest on your loan is their lifeblood. All is not lost however. If this isn't practical for you then a mortgage negotiation professional can set up a plan for you to pay just a portion of the arrears, set a plan to pay future current payments and catch up on the remaining arrears over time.

The foreclosure notice was delivered today; I have to start packing
Depending on your lender, you may have a very long foreclosure process. This may give you several months, if not longer to move. Remember that you have to find a new place to live because eventually you will be physically removed.

I'm in foreclosure, no bank will refinance me out of this foreclosure
This depends on the amount of equity in the home and its Loan To Value (LTV) ratio. If that ratio is right there are specialty lenders who will pay off your current lender and hold the note. Ideally, the LTV has to be under 60% to be able to refinance in today’s market.


I'll just file bankruptcy and save the house
For starters this isn't as easy as it once was. Bankruptcy laws are getting tighter and deliberately more difficult. A chapter 7 bankruptcy will stop the home foreclosure only temporarily. The caveat is you need to do something else to keep the house in the long run if you are facing foreclosure in Bexar County.

The bank has our house so we can wash our hands of the whole affair.
This assumption has come back to haunt many people. If there is a deficiency you may still owe the difference plus any interest even though you no longer own the home.

I pulled off a minor miracle and got all the money I owe the bank to bring me current, but I'm afraid it's too late to stop the foreclosure process.
Wrong. In Texas if you have all of the money you owe the bank they have to take it and stop the foreclosure. It is the law, and besides the bank doesn't really want the house back in the first place.

The Bank get to keep all my stuff once they take my home
The rule of thumb here is if you can carry it away it's yours. You keep your personal property, but permanent attachments to the house should stay. Don’t turn it into an issue by taking everything from floor to ceiling. That will just insure trouble.

The bank started this process. They can't expect me to pay legal fees.
They do and you will if you want to keep the house. The amount will vary depending on what is contained in your mortgage agreement.

There's nobody in San Antonio to help me stop my home foreclosure
In this you have more help at your fingertips than you might imagine. There are many professionals who can help you avoid foreclosure in Bexar County. I have access to many

These are a few of the rumors out there involving foreclosure. The best advice is to contact a foreclosure prevention specialist in Bexar County and allow them to handle the process.

The best person any home owner in Bexar County, San Antonio, Texas can turn to is Emilio Kim. He is an expert when it comes to foreclosures. He knows the laws and has the right people and systems in place to help you avoid foreclosure. If you truly want choices, Emilio is the only person you should be calling. He will assess your situation and advise you on the options you will have. If you want to keep your home, he’ll show you ways you can do that if your circumstances allow. If not, he has other options to help stop foreclosure.

Please contact Emilio Kim as soon as possible because time is not something a home owner has if foreclosure is pending. Also, if you are facing foreclosure, you can go to my website at http://www.SellPreforeclosureHouse.com, fill out your infomation to recieve a free personalized consultation on how you can stop foreclosure. We analyze your situation and develop a custom game plan to stop foreclosure.