Most people think a good way to avoid foreclosure is to start over..refinance the mortgage and just start over.
The problem is most people cannot refinance.
Stopping foreclosure is very difficult. Unfortunately, you will run into all kinds of mortgage brokers and lenders out there who will tell you what you want to hear and waste your time. Time is something you cant afford to waste when you are trying to avoid foreclosure. You only have about 4-8 months after missing your first mortgage payment until you lose your house. The foreclosure process varies by state and lender.
Mortgage brokers and lenders have always preyed on people in trouble. There is no way they can get you refinanced but they tell you they can help stop foreclosure. Why would they do that? They dont get paid if you dont close so why would they take your application and keep you from looking at other options? Mortgage brokers are trained to just bring in the business..get as many applications as they can. Some companies even have sales meetings to enforce getting applications even if they dont close. This would surprise you but mortgage companies live by the rule throw...
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