WestParke, Inc.
The Short Solution People
5 Traps To Avoid
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TRAP #1: THE FOREBEARANCE TRAP
- Lenders know that over 85% of debtors that do forbearance do not make the 2nd payment.
- Lender knows that debtors can’t afford the payments.
- Make sure you know how much you can comfortably afford each month.
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TRAP #2: THE MORTGAGE BROKER TIME TRAP
- False promises of Brokers lead many to foreclosure.
- A mortgage broker is just a middle man, they don’t have any control over the final decision.
- They have many deals hoping for one to go through.
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TRAP #3: THE DENIAL TRAP
- Most events leading up to a foreclosure can leave debtors distressed or depressed causing denial.
- Remember you do have options and the power to stop foreclosure.
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TRAP #4: THE UNEDUCATED REALTOR TRAP
- Most Realtors do not receive any formal training on how to market and sell your house quickly.
- You may have to pay out of pocket to cover mortgage payoff or Realtor commissions.
- They could prevent you from selling your home and stopping the foreclosure.
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TRAP #5: THE CHAPTER 13 BANKRUPTCY TRAP
- Attorneys advise to file Bankruptcy and charge 1,000’s of dollars to do so.
- More than 2/3 of their clients still lose their house to foreclosure.
- Bankruptcy is only a temporary solution. Unaffordable payments may be ordered by the court.