How to Delay Foreclosure For Years Or Until You Qualify For a Mortgage Modification Plan
One of the biggest concerns of homeowners facing the possibility of foreclosure is how to delay foreclosure once they know they will not qualify for the Obama's Loan Modification Program, or once they tried and have been rejected for a Loan Modification.
Usually when families face this situation they think, that they have not choice, and that they'll lose their home in a matter of weeks or days.
This can be the case in certain instances, but in most cases it does not have to be this way.
The mortgage foreclosure process can be delayed if the homeowners know what to do and how to proceed in every situation.
There are numerous ways to apply the housing laws in order to stop or to delay foreclosure extending this way their timeline for foreclosure.
First; don't leave your home.
If you abandon your property you are giving up your rights that may protect you under the Foreclosure Housing Act.
You need to know how to delay foreclosure if you want to save your home.
Secondly, be aware of predatory scam artists.
There are a certain number of individuals that prey on the homeowners that are desperate to save their homes.
Be careful with certain Counseling Agencies.
Even though some of them may offer some help, others are there just to take advantage of your situation to generate their profits.
If you feel you don't qualify for help under Obama's Mortgage Refinance plan at the moment, your best bet to delay foreclosure is to work with your lender to get a repayment plan.
This may sound confusing; the President's Mortgage Loan Modification Program is a program intended to help homeowners to save their homes by the modification of their current mortgages for mortgages with more affordable monthly payments.
A repayment plan, on the other hand, is when you work with your lender to make arrangements to pay the accumulated default payments through a new monthly repayment plan without any modification to your exiting mortgage loan terms.
This may not sound very attractive, but it can be very a very effective way to delay foreclosure and save your home if you know how to use this approach.
Most of the time a repayment plan can be your only choice to delay foreclosure at the moment.
If you manage to stay in your home, you still could be able to reapply for a mortgage loan modification in the future, but is not that simple either, you must know how to do this properly.
Usually when families face this situation they think, that they have not choice, and that they'll lose their home in a matter of weeks or days.
This can be the case in certain instances, but in most cases it does not have to be this way.
The mortgage foreclosure process can be delayed if the homeowners know what to do and how to proceed in every situation.
There are numerous ways to apply the housing laws in order to stop or to delay foreclosure extending this way their timeline for foreclosure.
First; don't leave your home.
If you abandon your property you are giving up your rights that may protect you under the Foreclosure Housing Act.
You need to know how to delay foreclosure if you want to save your home.
Secondly, be aware of predatory scam artists.
There are a certain number of individuals that prey on the homeowners that are desperate to save their homes.
Be careful with certain Counseling Agencies.
Even though some of them may offer some help, others are there just to take advantage of your situation to generate their profits.
If you feel you don't qualify for help under Obama's Mortgage Refinance plan at the moment, your best bet to delay foreclosure is to work with your lender to get a repayment plan.
This may sound confusing; the President's Mortgage Loan Modification Program is a program intended to help homeowners to save their homes by the modification of their current mortgages for mortgages with more affordable monthly payments.
A repayment plan, on the other hand, is when you work with your lender to make arrangements to pay the accumulated default payments through a new monthly repayment plan without any modification to your exiting mortgage loan terms.
This may not sound very attractive, but it can be very a very effective way to delay foreclosure and save your home if you know how to use this approach.
Most of the time a repayment plan can be your only choice to delay foreclosure at the moment.
If you manage to stay in your home, you still could be able to reapply for a mortgage loan modification in the future, but is not that simple either, you must know how to do this properly.
