How To Stay in Your Home Mortgage Payments-Free For Over 3 Years by Delaying the Foreclosure Process

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.

Don’t Qualify For Loan Modification? You Still Can Avoid Foreclosure Even If You Can’t Make Payments

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.