There are several ways you can delay foreclosure, and as you read on, you’ll learn many ways to stop a foreclosure. 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 you know how to deal with each situation and use the legalities behind the foreclosure process.
Obama’s Mortgage Modification Program really isn’t working as it should. Over 90% of homeowners here in the US are now facing potential foreclosure and are not considered by this program because they do not meet the requirements to qualify.
There are ways to stop a foreclosure and delay the process. so that you can stay in your own property for a longer period of time. This is really easy if you have the right information at your disposal. You can even do it yourself without a lawyer. One thing to keep in mind is to never sign any documents about it and never leave your home behind.
Many people fall victim to scammers during this vulnerable period of the process. You will be surprised how many homeowners are scammed out of offering a short sale or a quick fix to this problem. These won’t save your home, so watch out for predators taking advantage of the situation you’re in.
Here are some tips you can use to delay the foreclosure process:
Answering the Notice of Foreclosure:
A hardship letter is definitely one of the most used strategies, not only to be considered for a mortgage modification, but also to get more time in your home or property.
Use all the time you can get:
First, avoid receiving the foreclosure notice for as long as you can. This little advice 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 you have already received the summons, then you have approximately 20 days to respond to the foreclosure notice sent by the court. Do not respond immediately, wait about two weeks before responding to the notice.
By doing this, you get an extra month or so that you can use to plan ahead. Please note that this notice must be signed and received by a household member to be legal. Knowing this would be a great advantage for you.
At the hearing:
After exhausting some preliminary options, you can request a hearing. Requesting a hearing in your local Circuit Court would also give you additional time. Some very knowledgeable people have used this strategy effectively to stay in their homes for up to a year.
Closing of Contracts.
There are other very effective strategies to delay the foreclosure process, such as reviewing your housing contracts for errors. Most closing contracts contain errors and mistakes, and if used correctly, this could stop the foreclosure process in its tracks for over a year.
Knowing ways to stop a foreclosure is only part of it. Knowing what to do in the right situation would delay the foreclosure process by more than 3 years. These tips have been found helpful by other homeowners, and you too can start using these strategies to help you stay in your home longer.