University of Illinois Extension

Common Myths of Foreclosure

Common myths of foreclosure can cause you the homeowner precious time and ultimately your home.

MYTH: My mortgage company would rather foreclose on my home than keep me in it.
The mortgage company sustains an average loss of about $58,000 when foreclosure occurs¹. The mortgage company is in the business of providing mortgages – not owning or selling homes. They would always prefer to keep you in your home. By calling the Homeowner's HOPE Hotline at 888-995-HOPE, they will help you work with your mortgage company to pay back your loan and stay out of foreclosure.

MYTH: Foreclosure is an uncommon problem- I'm all alone in this.
Foreclosure is a challenge faced by millions of Americans every year from all walks of life. Rich, poor, young, old – the list is as diverse as society itself. It's nice to know there's one place you can turn to for caring, non-judgmental advice if you find yourself struggling with your mortgage: 888-995-HOPE. The Homeownership Preservation Foundation will be with you every step of the way.

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