There are a number of ways you can delay foreclosure and by reading on you will learn many ways to stop a foreclosure. By doing this right you will be able to stay in your home for a very long period of time without making mortgage payments. Just make sure that you know how to deal with every situation and use the legalities behind the foreclosure process.
Obama’s Mortgage Modification Program is not really working as it should be. More than 90% of homeowners here in the U.S. are now facing possible foreclosure and are not being considered by this program because they are failing the requirements to qualify.
There are ways to stop a foreclosure and delay the procedure so you can stay in your own property for a longer period of time. This is actually easy if you have the correct information at your disposal. You can even do it by yourself without a lawyer. One thing to keep in mind is to never sign any document about it and to never leave your home behind.
A lot of people are victimized by scammer during this vulnerable period of the process. You will be surprised that a lot of homeowners get scammed by being offered a short sale or a quick fix to this problem. These won’t save your home so beware of predators taking advantage of the situation that you are in.
Here are some tips that you may use to delay the foreclosure process:
Answering the foreclosure Notice:
A hardship letter is definitely one of the most used strategies not only used to get considered for mortgage modification but to get you more time in your home or property.
Use all time that you may get:
First avoid the receiving of the foreclosure notice for as long as you can. This little tip can get you months in your house. If they can’t get you to sign the letter, they will have to use other means to proceed.
If the summon has already received, then you have approximately 20 days to reply to the foreclosure notice sent by the court. Don’t reply immediately, wait about two weeks or so before your answer the notice.
By doing this you get an additional month or so that you can use to plan ahead. Keep in mind that this notice needs to be signed and received by a member of the household to be legal. Knowing this would be a great advantage for you.
After exhausting some preliminary options you can request for a hearing. Requesting a hearing in your local Circuit Court would also give you additional time. Some very informed people have used this strategy effectively to stay in their homes for up to a year.
There are other very effective strategies to delay the foreclosure process like revising your housing contracts for errors. Most Closing Contracts contain errors and mistakes and if used properly this could stop the foreclosure process right on its tracks for even more that a year.
Knowing the ways to stop a foreclosure is just one part of it. Knowing what to do in the right situation would delay the foreclosure process for more than 3 years. These tips have been proven useful by other homeowners and you too can start using these strategies to stay in your home longer.