Steps of Foreclosure – You Can Extend Those Steps and Stay in Your Hom…

With the tanking economy, the mortgage loan industry has been hit particularly hard in the past few years. So many people have lost their jobs, which has led to mortgage loan delinquencies all over the country.

The Obama Administration released a new program to help struggling homeowners get assistance in saving their homes from foreclosure, but it has not been very successful. On the contrary, it has made it more difficult for many to save their homes.

Because this program has caused so much red tape for people to have to go by, homeowners were left to find other ways to stop, or at the minimum put off, foreclosure for a while. This would give them the chance to find new or better employment, or to get themselves into a position where they would qualify for a home loan alteration.

Some may call these tactics “sneaky,” but when you are trying to save your home, you will do in any case you have to do in most situations. There are memories in your home that you don’t want to leave; blood, sweat and tears. Your home is an important part of your life, and you don’t want to give it up without a fight.

The first thing to remember when you are trying to avoid foreclosure is that you are the one who will have to do the work. Of course, you could hire an expensive attorney, but my guess is that if you had that kind of money, you could probably make your mortgage payment in the first place. Every state is different, and you will need to find out the laws in your state to know how to find the loopholes, but this is thoroughly in your hands.

Each lender is different also. Some are very difficult to deal with. Just try to keep calm when dealing with them and keep your cool. Emotions can run high when so much is at stake. You need to cooperate with them as much as possible. However, they don’t keep up all of the cards when you are armed with the proper knowledge.

in any case you do, do not ignore your official notice of foreclosure. If you do, your lender will assume that you are not contesting the foreclosure and that you are giving up your claim to ownership of the home.

Here are three simple strategies to put off foreclosure and buy yourself some time:

1. Write A powerful Hardship Letter To Your Lender:

You don’t want to fabricate your story, but if you have a good reason for not being able to make your mortgage payments, you should tell your lender. Let’s confront it; life happens. Many circumstances are beyond our control. Did you lose your job? Did you get hurt and can’t work? Did your boss cut back your hours? Did your spouse die? These are all powerful reasons that your lender may take into consideration and work with you.

2. Request A Court Hearing:

Requesting a formal court hearing to discuss your situation will not only force your lender to listen to you, but also can be very effective in delaying the time of action of foreclosure. If you know what you are doing, you can truly continue to delay the time of action using this strategy, sometimes up to a year or more.

3. Have Your Original Loan Documents Audited:

This is especially true for loans that originated in the past 6-10 years. The odds of having errors in your original mortgage loan documents are extremely high. If you find these errors, it will serve as “ammunition” against the lender and make them more likely to work out new loan terms with you.

All in all, the possibility of losing your home can be a harrowing experience. However, if you gather the information you need and play it smart, you can come out on top.

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