We talk to a lot of distressed homeowners who can not afford the payments on their house and think the bank has to do some kind of work out with them. The fact is that the bank does not have to work with you. You signed promise to pay (called a promissory note) when you bought the house promising to pay and if you can’t pay, you signed papers (called a mortgage) giving the bank permission to take the house.
Don’t fool yourself into thinking the bank does not have a right to your house if you have missed payments. Sure, the bank has to follow the appropriate legal procedures (called foreclosure) to get the house back. When they do, they get the house.
Try not to get mad at the bank for doing what they have a right to do. Instead, focus on what you can do to get your family back on track. Find a solution that will get you on the path to recovery fastest. Call Emily (aka Mom). She wants to work with you and help you figure out what your options are to get you back to better times.
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