Foreclosure is something many homeowners fear. Fortunately, it can be easily prevented, and all the things you may have heard about foreclosure aren’t all true. At Cherry Park Properties, we help families find the best solution when facing a Johnson County KS foreclosure. In this article, we are going to be debunking common myths about foreclosure. 

Myth – If I miss one home payment, I will lose my home. 

Missing one payment on your home will not automatically start the foreclosure process. The foreclosure process begins when you are at least 90 days delinquent. You will likely be contacted by your lender or even receive a formal letter alerting you of possible actions, but missing a single payment will not begin the foreclosure process. If you are going to be late on a payment, it is crucial that you inform your lender. 

Myth – You can’t stop the foreclosure process once it starts. 

This myth is false. There are many options available to halt a foreclosure sale. However, it is hard to stop it once your home is put up for public auction (the final stage in foreclosure). One way you can stop the foreclosure process is to pay back all your missed payments. 

Myth – Foreclosure will ruin my credit forever. 

While a foreclosure will surely hurt your credit, it will not ruin it forever. A foreclosure will likely stay on your credit report for at least up to seven years, but it is still possible to get a mortgage again after you can prove to a lender that you are financially stable. 

Myth – A foreclosed home is extremely discounted. 

Many people expect to pay considerably less for a home going through the foreclosure sale process than a non-foreclosed home. However, while foreclosures may be discounted from what the current owner paid for it, the discount is relatively modest.   

Sheriff's Sale in Johnson County

Myth – I have no choice but to foreclose my home. 

There are many choices available to avoid a foreclosure sale in Johnson County KS, but most people are unaware of their options. This is why it’s encouraged that you speak with a lender or a company that specializes in helping homeowners facing financial struggles, like Cherry Park Properties. 

Do You Need Foreclosure Help? 

Are you worried about losing your home? Our team at Cherry Park Properties can help you understand what you are up against and provide options for fighting foreclosure in Johnson County KS. We want to help you get back on the road to recovery. Contact us today for a free consultation by emailing or calling 913-839-2345.