The process of going through a foreclosure can be quite confusing for most people. Because it is complicated, many homeowners put it off until it is too late. In addition, the government admits that its own Mortgage Modification Program is not doing the job and needs to be revamped.It is no wonder why homeowners are confused and frustrated about foreclosure. Patience is required to understand how to navigate the foreclosure process. But, unless you understand how it all works, you could lose your home.So it is very important to take the necessary time to learn all you can about how to have your mortgage modified. It is not something to approach haphazardly. You will need a strategy and the ability to focus on the task at hand. Here are three of the easiest ways to delay the foreclosure process:Request A Court HearingIt is no secret that appearing in court can be intimidating; however, requesting a foreclosure hearing can be one of the most powerful strategies in delaying the foreclosure process. When you know what you’re doing, this method can put off foreclosure for a year or more.This gives you time to find a permanent solution to your financial problem. There is no need to worry about paying a lawyer for this. Though a lawyer may be helpful in some situations, in general, most homeowners can handle this themselves.Write a Letter of HardshipWriting a Hardship Letter to your lender that outlines the reason(s) why you are having an issue with paying your mortgage is one of the most effective ways to delay foreclosure proceedings. If you have a valid reason for your delinquency, and if you present the facts properly in your letter, many lenders will consider your case and modify your loan terms.A Closer Look At the Fine PrintIn their desperation to find a solution, sometimes homeowners overlook the fact that mortgage contracts that originated 2 to 6 years ago likely have errors. If you can find these mistakes, it gives you considerable leverage when requesting assistance from your lender on a property that is in danger of foreclosure.It actually stacks the odds in your favor. Lenders are used to having the upper hand, but if you can show them errors in the original documents, you will have a major bargaining chip, and they are more likely to help you. Mortgage companies, banks, and sometimes even lawyers don’t want you to know about this secret strategy, but if you do, you have a definite edge.The reason they don’t want you to know is because they cannot make as much money from you if you know all of their secret methods. They know that if you were armed with the same information that they have, you wouldn’t need them.If you are facing the possibility of foreclosure, be sure to keep these strategies in mind when trying to save your home. It could mean the difference between keeping a roof over your head and starting all over.
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