Many out there are facing the risk of home foreclosure today, partly due to their financial failings, as well as the recession that recently wiped out financial wealth within many of us out there today.
The Mortgage Modification Plan from the President's office has been of little help, as the application process is difficult, and very few (reportedly less than 10%) actually receive approval for their applications.
The lengthy list of requirements makes it harder for these applications to be approved, thus many prefer to ignore this option and look for other ways of delaying foreclosure and save their homes! Nevertheless, there are plenty of other options for you if you are looking at ways to delay of stop foreclosure, and if you are lucky, you could probably end up staying in your home for up to 3 years without paying for the mortgage loans! Let us now look at the strategies that homeowners look at to avoid foreclosure issues.
One method is to refinance home mortgage, something that many have attempted to do in the past, and succeeded.
Keep aside the Mortgage Modification Plan, there are plenty of other private institutions that offer this service to help homeowners salvage their home in difficult situations.
Even bad credit mortgage refinance services are available for you, but do expect to receive slightly higher interest rates when you try to negotiate with the creditors.
You could also file for a hearing in the local circuit court in your district! This is an effective way to stay in your home without paying mortgage payments as you would have to wait for your case to be heard first before the foreclosure process to take place.
And when you realize that there are hundreds, maybe even thousands of cases waiting to be heard before yours, it could take up to 3 years before your case comes to the fore! Even when your lender files a petition for foreclosure in court, you could choose to respond late, and add months to the duration where you would need to appear in court! Or you could respond with a Hardship Letter, that would effectively explain your current financial situation to the court and your creditors, and this could effectively add more months to the case as it would have to be heard a few times before a verdict is reached.
You could also hire a professional lawyer to help you out with the case, or you could accomplish it yourself by defending your case with facts that you know by heart.
Remember, delaying the hearing is the key here, and you could use every trick in the book to help you achieve this! Even if you have lost your job, you could still accomplish this without much of a problem.
All the best!
The Mortgage Modification Plan from the President's office has been of little help, as the application process is difficult, and very few (reportedly less than 10%) actually receive approval for their applications.
The lengthy list of requirements makes it harder for these applications to be approved, thus many prefer to ignore this option and look for other ways of delaying foreclosure and save their homes! Nevertheless, there are plenty of other options for you if you are looking at ways to delay of stop foreclosure, and if you are lucky, you could probably end up staying in your home for up to 3 years without paying for the mortgage loans! Let us now look at the strategies that homeowners look at to avoid foreclosure issues.
One method is to refinance home mortgage, something that many have attempted to do in the past, and succeeded.
Keep aside the Mortgage Modification Plan, there are plenty of other private institutions that offer this service to help homeowners salvage their home in difficult situations.
Even bad credit mortgage refinance services are available for you, but do expect to receive slightly higher interest rates when you try to negotiate with the creditors.
You could also file for a hearing in the local circuit court in your district! This is an effective way to stay in your home without paying mortgage payments as you would have to wait for your case to be heard first before the foreclosure process to take place.
And when you realize that there are hundreds, maybe even thousands of cases waiting to be heard before yours, it could take up to 3 years before your case comes to the fore! Even when your lender files a petition for foreclosure in court, you could choose to respond late, and add months to the duration where you would need to appear in court! Or you could respond with a Hardship Letter, that would effectively explain your current financial situation to the court and your creditors, and this could effectively add more months to the case as it would have to be heard a few times before a verdict is reached.
You could also hire a professional lawyer to help you out with the case, or you could accomplish it yourself by defending your case with facts that you know by heart.
Remember, delaying the hearing is the key here, and you could use every trick in the book to help you achieve this! Even if you have lost your job, you could still accomplish this without much of a problem.
All the best!
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