A common myth out there today in America, with an ever increasing number of foreclosures, is that the "bank wants to take my house".
That couldn't be further from the truth.
Banks are interested in money, not real estate. In fact, when a bank has to foreclosure, they waste so much money in administrative costs (legal, taxes, real estate, repairs, appraisals, lost income, etc) that it's rarely, if ever profitable for them to take back the real estate.
When a bank has a property in foreclosure status on its books, it's referred to as a non-performing asset. The non-perforiming assets really hurt the banks financial numbers, especially in the eyes of wall street.
This article from the San Francisco Chronicle goes into much more detail about this very topic.
What does that all mean? Well, your bank, much to your dismay, wants to help you get your loan back into good standing. For more information on how you can do a "workout" with your lender, to stop a foreclosure, visit us at www.SaveMeFromForeclosure.com.
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