It is all over the news: The president will announce some strategies to improve the Mortgage refinancing program. Unfortunately the new improvements will not improve the chances of the regular homeowner who is facing the possibility of foreclosure.
We all know the big failure of the infamous mortgage modification plan. It did not work the way it was planed. Obviously with all the requirements and requisites to be considered for loan modification it is not surprise to me that about 95% of homeowners did not get any help at all.
The Obama's plan, even though the intentions were good, was wrongfully designed to help those homeowners' that didn't need any help. Now the new improvements fell very short from my not too ambitious expertise. In conclusion, nothing will change for those homeowners who really need help.
Fortunately there are some many strategies that you as a homeowner can use to delay the foreclosure process for many years. You can do this on your own, and even if you have not income at all you can expect to stay in your home for 2 or 3 years. Here are some tips:
Appropriate Hardship Letter: The hardship letter is the letter that you send to your lender in which you will try to explain your situation to either apply for a mortgage refinancing or to request for more time to get up to date on your mortgage payments.
If done properly this may get you between 3 to 6 months of extra time in your home.
Errors in the Closing Contract: This is very controversial, yet extremely effective strategy to prolong the foreclosure process for a lot more than a year. Most Housing Closing Contracts of the last 7 years contain many errors.
If you know where to look and how to proceed once you find one or more errors, this can really stop a foreclosure process in its track and place you in a commanding position against your lender. You don't need an attorney to do this; in fact, most attorneys will try to discourage you from using this approach. This strategy doesn't make sense for them financially.
Require a Foreclosure Hearing. If you do this the right way you can keep this fight for over a year. Remember that the idea here is not to win the Foreclosure Hearing but to delay the foreclosure process. You don't need a lawyer to do this; you can do it on your own.
Foreclosure is a process and there are ways for you to DELAY that process and stay in your home MORTGAGE-FREE for a few years regardless your financial situation, even if you have not income at all. To learn how, go to How To Stop Foreclosure
For tips, strategies and detailed step by step instructions on what to do to avoid foreclosure and DO-IT-YOURSELF without paying Attorneys, Brokers or Agencies CLICK HERE
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