Delaying the foreclosure process and staying in your home with no payments for a couple of years is possible, but there are some facts we need to consider; even with Obama’s loan modification program now in full swing, foreclosure is still the talk of the day. More families than ever are losing their homes, foreclosures continue to rise, and home prices continue to fall. That is the reality of today’s housing market, even with the president’s efforts to stabilize the economy.
The unemployment rate continues to rise, more jobs are lost every day, and now with the GM bankruptcy, we have another millions of thousands of workers laid off, and the wheel keeps turning and turning. In this way, more families become unable to pay their monthly obligations.
The loan modification plan that was once the hope of homeowners facing foreclosure has now faded for many families. There are so many requirements and prerequisites to qualify for the program that most families are left out of the loop before even applying for the program.
However, the foreclosure process can be stalled or delayed for years; Unfortunately, many homeowners have no idea how to fight a foreclosure or how to use the law to their advantage to delay the foreclosure process and stay in their properties for a very long period of time.
I see families being kicked out of their homes just months after they missed their first monthly payment; This is heartbreaking because if they knew what to do, they could stay in their homes for years, even if they don’t qualify for the President’s Mortgage Modification Program. Even if a family’s income has been reduced or eliminated entirely, they can still use the law to their advantage to save their homes.
So if you don’t qualify for a loan modification plan, how can you delay the foreclosure process to save your home from foreclosure? Ok, the first step in this situation is to delay the foreclosure process long enough until you are ready and able to qualify for a home loan modification program or until your financial situation is stable enough to pay your most monthly obligations. your mortgage payments.
The first approach is to work with your lender to agree on a payment plan of your predetermined monthly payments to date. This may not sound like the perfect approach, but it works wonders when it comes to delaying the foreclosure process for a few months and giving you plenty of time to prepare to fight foreclosure using other strategies.
