Nov 02 2010
The foreclosure process is very confusing for many homeowners. The complexity of the whole process is forcing many people to become passive and simply surrender their homes. The situation gets more complicated because the Mortgage Modification Program of the government is not doing its job to help homeowners.
That is why it is not surprising to see a growing number of homeowners getting frustrated with the system. But you have to understand that the foreclosure process requires patience. You have to be patient in grasping the essentials of the process. You can lose your home if you will not understand the effective ways how to navigate through the entire foreclosure process.
It is very important for you to spend time to know and learn the details of mortgage modification. This is a very important issue and you should not approach it carelessly. At the very least, you have to develop a clear strategy on how to delay the foreclosure process. You should be able to focus on the crucial issues at hand. Here are the three effective steps that could help you.
Seek the Intervention of the Courts
For many people, appearing in front of a judge can be very intimidating. However, you have to take note that a court intervention could be your best option to delay foreclosure by a year or more. Seeking a foreclosure hearing is one of the most effective strategies for homeowners who are in danger of losing their homes.
The court hearing will give you the needed time to sort out your financial problems. The big obstacle to this solution is the issue of judicial cost. There are expenses involved when you request a court hearing especially if you are retaining a lawyer. To cut your expenses, you can handle the case by yourself. The service of a lawyer can be helpful but most homeowners can take on the case themselves.
Write a Compelling Hardship Letter
A hardship letter is another excellent tool to delay foreclosure. The important thing is to write a compelling and fact-driven letter to convince your lender to give you a loan modification plan.
Review Your Mortgage Contract
You have to closely look at the fine print of your contract. A mortgage contract that originated several years ago will likely contain some errors. Review the contract line by line and try to spot mistakes. If there are mistakes, then you will have more leverage to seek relief from your lender. You can also point out these mistakes to convince your lender to give loan modification for you.
A flawed contract works in your favor. You have the advantage over your lender if you can identify these errors. You can use them as your bargaining chip to get a mortgage loan modification. Most lawyers will not tell you about the possibility of finding errors in your contract. If you can spot these errors, then you will enjoy a definite edge over the lender.
These are the three easy ways to delay the foreclosure process. Lots of homeowners have proven the effectiveness of these strategies. The important thing is to know how to implement these strategies properly so that you can significantly delay the whole process.