subject: Stay in Your Home Mortgage Free by Delaying Foreclosure [print this page] Every new president implements programs to help homeowners. Unfortunately, these programs are simply ineffective. The result is the unabated growth of foreclosure cases.
Plans and programs have been made by the president to help homeowners modify their mortgage loans. The programs however are so convoluted and many requirements are needed to be met just to get the loan modified. The net is result is that many homeowners fail to save their homes. The complicated requirements made it almost impossible for the beleaguered homeowner to take advantage of mortgage loan modification programs.
It should be acknowledged that President Obama's intentions are commendable. He crafted a plan to bail out the homes sector. Unfortunately, it just did not work for the majority of homeowners. Some improvements were made along the way but even these did not work as well. It is still common knowledge that there are so many homeowners who are struggling to save their homes.
If the government program can not help you, then you have to find ways to solve the problem by yourself. Luckily, there are several strategies that you can try to delay foreclosure and stay in your home mortgage free. Here are some of the steps that could help you a lot.
Write a Hardship Letter
A convincing hardship letter can really help you a lot. Write one and send it to your lender. The hardship letter is a direct appeal to your lender so that you can have more time to pay the mortgage. It is very important to make your letter very compelling. Provide valid reasons for your dilemma and do not make excuses.
Once you get a positive approval for your hardship letter, you will usually get a 6-month allowance to make the payments. If this is the case, you can delay the foreclosure while you are looking for a solution to your problem. Just remember that getting the attention of lenders could be very difficult. So you need to approach this strategy carefully in order to get the best results.
Look for Errors in Your Contract and Go to Court
Errors in your property contracts could happen. You have to reread and carefully scrutinize it to spot the errors. In most contracts, errors are usually present. Specify these errors and take your case to the courts. There is no need for you to get a lawyer because you have all the rights to request a hearing.
Most homeowners dread the thought of a court hearing because of the mistaken view that it will speed up the foreclosure. The truth is you will be able to delay foreclosure by at least two to three years if you take your case to the court. This means that you have more time to save your home and you can stay in it without paying the mortgage.
Do not be afraid of court hearing. This is a strategy that can benefit you a lot even if you can not win the case. If you file a case in court, you will be able to delay foreclosure for a couple of years.
Stay in Your Home Mortgage Free by Delaying Foreclosure
