Foreclosure? Banks won't always help you!

Once you go into foreclosure status, calls from your lender's collection department will begin. Unfortunately today, many homeowners are upside down (they owe more than their property is worth) in their homes.

This means that if they fall behind on payments, they can't refinance, since there isn't enough equity in the home. Many times, these homeowners enter into a workout agreement with the bank. This is where the bank will take less than what is owed on the property to settle the debt.

However, if you believe that you're going to go this route with your lender, be careful! Lenders aren't always easy to deal with, or get in touch with. You have to be persistent, and stay on top of them. Read the difficulties that this homeowner had working with US Bank.
Our advice is to enlist the help of a professional who has worked on several of these types of transactions. At SaveMeFromForeclosure.com, you'll be able to find a local affiliate who will be able to help you with a workout agreement with the bank.

If this is something that you choose to tackle alone, make sure you stay on top of your lender, and remain persistent. It can be done alone, although it's much easier with the help of a professional company.