If Trying to Refinance Your Mortgage Seems Fruitless, Delay the Timeline For Foreclosure For Years


Homeowners commonly encounter problems in getting their Home Loan modified or refinanced because of the numerous conditions and requisites that need to be met to qualify for the Obama’s Loan Modification Program.But there are effective strategies which can actually help the homeowners to fight foreclosure process and prolong the timeline for quite a few years. The good things about these strategies are that each can be done even without paying any monthly mortgage or without any income.Before going through the list of strategies in this article, homeowners should first know and understand what the “timeline for foreclosure” is. Timeline for foreclosure starts from the moment a home owner failed to pay his/her monthly mortgage and ends in an eviction of their home.Other thing that homeowners should know about the “timeline for foreclosure” is that there is no such thing as a standard timeline, it is usually different from one state to another depending on the law that is being enforced there, and that the lender has a chief authority on it. If this is the case, what can a homeowner do?In the end the length of the foreclosure process will depend on the homeowner’s ability to make the law favorable for him/her and take advantage of the loopholes that can help them buy some time. This is where the strategies come in.Hardship LetterOne way of delaying the foreclosure process is by writing a Hardship Letter addressing the lender. This will serve as an open statement from the homeowner to its lender giving details on their financial status and the crisis that they are going through which in turn explains the reason why they have failed to pay their monthly mortgage.Court HearingHomeowners are given an option to go through a court hearing after they have received court summons from the lender. Homeowners should take this opportunity as an advantage as it is everybody’s right to do so.In this process, the homeowner will be able to give detail on their financial status in front of a judge who decides whether or not to give the homeowner more time to pay for the mortgage and may eventually help them in buying some time before the foreclosure process ended. However, the focus of the homeowner should not be on winning the case.Irregularities on Housing ContractThis strategy is known to lawyers and is commonly used by them; therefore knowledge on contract laws is an advantage. In this process homeowners are required to look for irregularities on their housing contract in order for them to delay the foreclosure process and may even save their houses from eviction.