Top 10 Foreclosure Misconceptions

A Declaration of Homestead will only protect you from unsecured creditors, such as credit card companies--not your lender
Filing Bankruptcy will only temporarily delay the foreclosure process. It does not always mean that your home will not be sold at public auction to satisfy your various debts.
The public auction is not held on your home’s front doorsteps. In Clark County, the public sale is held at the offices of the Nevada Legal News.
The time frame for the entire foreclosure process is 90-120 days from the original filing of the Notice of Default by your lender.
Refinancing your home after the foreclosure process has been initiated is almost impossible. By the time a Notice of Default has been filed against you, most lenders will not be willing to loan you money due to your missed mortgage payments.
Most homeowners feel that their lender has made a mistake when filing a Notice of Default against them. It is in your lender’s best interest not to foreclose on you and to collect the mortgage payment each month. It is a significant hassle for them to foreclose on your home.
If your lender has initiated the foreclosure process, any back payments must be paid in full, otherwise your lender, legally, may not accept your partial payment. Please be aware that once the Notice of Default is filed, thousands of dollars may be added to what is already owed in order to cover attorney’s fees, interest, filing fees, etc…
All foreclosure-relief companies are trying to steal my house. Unfortunately, there are companies in Las Vegas that operate with business licenses and are not members of the BBB and the Las Vegas Chamber of Commerce. New Start has all the proper and legal licenses and designations.
Lenders are very loyal to you because you have had a mortgage with them for many years. Lenders care about one thing, money. They don’t care if you lost your job, had a death in the family, have sick family members, or are going through a divorce. Plain and simple, they want their money immediately whether you have had a mortgage with them for twenty years or for two months. Always remember, mortgage companies are operating a business and do not care about your personal difficulties.
Working with your current lender is the best solution to stop the foreclosure. Always remember, your lender is foreclosing on you! They want your money. When you apply for a bank re-payment plan, it is most likely that your payment will go up because you owe regular payments plus the foreclosure fees that are divided and added to your payment. One missed payment during the re-payment plan will enable your lender to start the foreclosure process again. 70% of re-payment plans put homeowners back into foreclosure costing them thousands of more dollars than the original foreclosure process.