Five Common Myths About Foreclosure Debunked
Facing foreclosure is among the most stressful experiences that you can face. Unfortunately, misinformation and half-truths can make the process even more confusing. Many people believe that once foreclosure begins, there’s no way to fight back, or the only solution is bankruptcy. That’s simply not true. In reality, Ohio homeowners have several rights and defenses available to them, so long as they can discern fact from fiction. In this article, the Columbus, OH, foreclosure defense lawyers will break down five of the most pernicious myths regarding foreclosure.
Myth #1: Once the bank files for foreclosure, it’s too late to save your home
This is a big misconception that can cause a lot of harm if you believe it. While foreclosure is serious, the process takes a considerable amount of time, and homeowners still have an opportunity to challenge the lender’s claims, negotiate loan modifications, or raise legal defenses. With experienced legal guidance, you can often slow the process or stop it entirely while exploring options to save your home.
Myth #2: The bank always has the legal right to foreclose
This is simply not true. Lenders must prove they have “standing.” This means establishing that they actually own the loan and have the legal right to enforce it. In some cases, especially when loans have been sold or transferred multiple times, banks may not have the proper documentation. If the lender cannot prove standing, the foreclosure might be dismissed. This is a powerful defense that can buy you time or even stop the foreclosure altogether.
Myth #3: Bankruptcy is the only way to stop foreclosure
Bankruptcy is one option, but it isn’t the only one, and it’s rarely the best first step. Filing for bankruptcy can have long-term consequences for your credit and financial future. In many cases, defenses can be raised in foreclosure court without resorting to bankruptcy. Loan modifications, settlement negotiations, or challenging improper lending practices can allow you to keep your home without filing for bankruptcy.
Myth #4: If you miss payments, you automatically lose your home
Missing your mortgage payments doesn’t necessarily mean you will lose your home immediately. Foreclosure is a legal process that requires notice, court filings, and judicial approval. During that time, you, as a homeowner, can work with foreclosure defense lawyers to challenge the unfair practices, negotiate repayment plans, or seek alternatives. Even if you’ve fallen behind, you still have potential defenses.
Myth #5: You don’t need a lawyer to defend against foreclosure
It is technically possible to represent yourself, but foreclosure law is complex, and lenders often have teams of attorneys who are working against you. Without experienced legal help, important defenses can be overlooked, and deadlines can be missed. Having an attorney by your side ensures that your rights are protected and that all possible strategies are explored to keep you in your home.
Talk to a Columbus, OH, Foreclosure Defense Lawyer Today
Kohl & Cook Law Firm, LLC, represents the interests of homeowners during their foreclosure. Call our Columbus foreclosure defense lawyers today to schedule an appointment, and we can begin discussing your next steps right away.
