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.
Not everyone can understand the mortgage foreclosure process. It’s just one of the many reasons why many homeowners are losing their homes. Aside from that, the government said themselves that their Mortgage Modification Program is not working.It’s easy to see why so many homeowners do not understand the foreclosure process. It’s confusing and not everyone has the patience to take the time to understand it. However, it is a must to know the process so that you can keep your house for years.With a little know-how, homeowners can enjoy their houses for a long time. Developing a strategy can also help you put the law on your side. There are three simple ways that you can use to avoid foreclosure:A Home Foreclosure HearingHomeowners facing a foreclosure can request for a court hearing. However, not all homeowners can be brave enough to attend a court hearing. Some lose all hope and think that a hearing will just hasten the foreclosure process.Requesting for a court hearing is actually another powerful strategy. When done properly, you can keep it going for at least a year. You also don’t need to hire a lawyer for this so there’s also no need to worry about additional payments.Using the powers of a Letter of HardshipA simple hardship letter may delay or stall the foreclosure process. The hardship letter is what the name implies. It states that you are unable to keep up with the monthly payments because of current financial hardships.The hardship letter is actually used for refinancing but it can also work in stopping the foreclosure process. Making a carefully drafted letter can convince the lender to consider your request.Looking for the Fine PrintSilly little mistakes in the contract will let you keep your house for way more than just a year. What you have to do is to carefully read the contract and scan for errors. Contracts that are 2 to 6 years old are the contracts that usually contain more errors.This strategy is so powerful that the situation can be switched. Instead of the lender taking control over you, you have all the power over him. This strategy is not known by all homeowners because they are being kept secret by mortgage companies.Most lawyers also know this type of strategy but are also keeping quiet about this. It’s because they earn money by charging huge amounts of money to their clients who are fighting the foreclosure process. Getting a lawyer is not necessary for this.Using these three simple strategies can help you fight foreclosure and will let you keep your house for a year or even longer.
With the current economic situation, losing your home is a reality. Even though Obama’s government activated a number of policies that allow relief for a small number of homeowners, there still remains numerous homeowners who are still facing losing the property to foreclosure. If you find yourself in this situation, don’t despair.If you have an understanding of the correct methods to use, you are in a position to take the necessary steps to impede and, maybe, escape foreclosure all together. A number of tips are included in this editorial that will help in saving your property and place you in a controlling position with regard to the lender.It is important to understand your state’s foreclosure laws. These methods are available to each and every homeowner, but how effective they are depends on the changing variables between states.First: Once you begin having problems meeting your payment responsibility, contact your lender immediately.Waiting for three months and then trying to work out a resolution with the lender is inadvisable. Chances are you will likely meet with resistance if they are under the impression you’re being less than honest. Explain to them that your financial situation has changed recently. Most lenders will make every effort to work with you to find a resolution to the problem, but you need to take action promptly.Second: do not ignore your lender’s phone calls or mail, respond to each.If you fail to answer their calls or letters they will make the assumption that this is an intentional act and will immediately file a foreclosure petition. Procrastination is the worst thing you can do when trying to save your home.Third: Compose a letter of financial hardship and send it to the lender.Clarify your situation in an explicit letter and let them know the steps you are taking or attempting to take to take care of the situation. For example, if you found yourself out of work recently, but are currently speaking with a potential employer who is offering a higher salary, the lender should be aware of this fact.At least this lets them know you are trying and that you’re not simply stretching out on the couch watching the daytime soaps every day. They will be much more open and willing to cooperate if they are aware that you are attempting to meet your financial obligations. This simple step may postpone the process and buy you additional time to figure out a lasting solution to your financial situation.Fourth: File for a foreclosure court hearing.This legal hearing will give you an opportunity to offer an explanation to the judge why you have gotten behind in your monthly payments. Taking this action may also effectively postpone the process for a short period of time.Numerous homeowners are in a position to postpone the process and remain in their homes for several years by simply interrupting the foreclosure action. It simply takes understanding the legal methods you have available to make this happen.Naturally, if you would rather have the assistance of an attorney, several are available; however, this is often an additional expense most pre-foreclosure homeowners cannot pay. If money was available for an attorney, it would be available to make the monthly payments.These are only a couple of strategies you have available to help you when you’re attempting to stop the foreclosure process. You can handle this on your own and keep your property if you simply take a little time to gain the necessary information and knowledge.
The fact that you didn’t’ meet the requirements of Obama’s mortgage blueprint, naturally isn’t new. In fact, you’re not the only one; the majority of homeowners didn’t meet the requirements either. Added to the numerous requirements already in place, it wasn’t surprising the plan failed and recently the government finally admitted their plan didn’t have the effect they thought it would.Fortunately, their qualifications don’t need to be met, at the moment, for you to hold on to your house. It’s possible to confront the foreclosure process on your own. A little knowledge along with a few hidden secret methods are the only things you need to stay in your home another two to three years without making another mortgage payment.Truth be told, most people want to make their mortgage payments, it’s just that the current economy is so bad it has become difficult for large segments of the population to continue to make payments. Luckily, several methods are available that will allow you to hold on to your home until you reach the point that submitting an application for a modified loan is right for you.A large majority of loan modification applicants have indicated that their first application was declined so they submit a second application. There is a good chance that your subsequent applications will be denied also; however, a second denial can be avoided with a few simple strategies.A number of homeowners were instructed to submit an application for a totally different loan adjustment program. These instructions were partially-true, but it is potentially an overly difficult process for the homeowner. With a little procedural knowledge, it is possible to get an approval on your subsequent applications and eliminate all the hassles.The first thing to do is remain in your home prior to applying for the loan; as soon as you leave or abandon the property it’s too late to do anything further. Scrutinizing your closing contract for mistakes or errors is an extremely effective method to follow.Generally, three to seven-year-old contracts contain multiple mistakes and these mistakes are effective methods of battling with your lender and the smallest error can become a powerful tool for defending yourself and will help you retain your ownership for a number of years.That is only one of many methods available to you. Composing a financial distress letter and asking for a hearing in court are a couple of other viable methods to make use of. Making the effort and understanding the ins and outs of the foreclosure process could put you in a legally correct position which will allow you retain your home for several years, despite the fact that you are unable to continue with your monthly payment commitment.This information is no secret to attorneys or loan agencies, but it’s certainly information they are not going to share. If it became common knowledge, it would cut into their profit margin. I’m sure you understand that they receive an income from defending you in court.The fact an attorney isn’t really necessary is fortunate for you, since this process is quite easy if you have the ability to clarify your situation in an intelligent and thoughtful manner. Understanding the rules and legalities of the documents and system allow you to stay in your house for an extended period of time.