Below are two of the most common disbeliefs about a home in foreclosure.

The bank wants the debtor’s house. The bank hardly wants to take the debtor’s house. As much as possible, the bank would want to receive the money that was borrowed plus interest. Banks dislike going through the foreclosure process and are willing to cooperate with the debtor to avoid a home in foreclosure. However, it is often the case that the bank’s effort is still not enough to stop the foreclosure. Debtors should not consider banks as their adversary nor should debtors try to hide from them, as this may just do more harm. 

If the bank doesn’t accept the payment, the debtor cannot do anything else. If the bank demands full payment of the arrears and will not accept a partial payment yet the debtor doesn’t have the means to pay in full, there’s still hope. A negotiation professional can help set up a repayment plan that allows the debtor to pay partial amounts of the arrears as long as the debtor also plans to pay future current payments so that the total of the arrears is eventually paid off. This stops the foreclosure, and the debtor is able to keep the home in foreclosure for as long as agreements in the repayment plan are followed.

The debtor should refrain from missing a payment, as this can restart the foreclosure process from where it left off. In any case, if the repayment plan doesn’t work out, the debtor can still file for bankruptcy. If the bank refuses to accept the payments, the debtor should try to save the money instead of spending it on other things. This money will come in handy when saving the home.