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If you find out that you do not qualify for loan modification or mortgage refinance due to excessive requirements under Obama Loan Modification Program, your only option may be to delay the timeline for foreclosure. Whether you intend to do so to stay in your home mortgage- and rent-free, or to wait for better times to qualify, it is vital to have a precise idea of what the timeline for foreclosure is.
The timeline for foreclosure is a time period between the date your first mortgage payment is missed and the day you are evicted from your home. It may be as short as few months or as long as several years. It greatly depends on the steps you take to fight your right to keep your home. There is a wide array of effective strategies that may be used to fight your lender and to delay foreclosure.
Effective Strategies Are At Your Disposal
State regulations and your mortgage agreement have a lot to do with the foreclosure timeline. However, it varies largely due to specific circumstances in each individual case. The most effective way to buy yourself time is to take advantage of many loopholes and imperfections in legislative acts, regulating the mortgage industry.
There is a number of several effective ways to fight foreclosure even without the help of a lawyer. They may help you to extend the foreclosure timeline for as long as three years. Good news is that those work regardless of your ability to make mortgage payments.
A Letter of Economic Hardship
Writing a letter of economic hardship to your lender is one of the most effective ways to delay the foreclosure. A well-documented message explaining your current state of finances and inability to make timely mortgage payments would open an endless communication process, often lasting for many months.
Legal Inquiry
Legal inquiry is a court hearing that you have the right to request after receiving summons from your lender. It may help you to extend the foreclosure process by explaining your situation to the judge, who may grant you more time based on your individual circumstances. Even if you have all chances of losing a court case, you gain an unparallel benefit of stretching the hearing over months, if not years, gaining valuable time and extending the foreclosure timeline.
Housing Agreement Mistakes
Finding errors in your lending contract is another great way to delay foreclosure. While this is typically something that lawyers would deal with due to complexity of laws governing mortgage lender – borrower relationships, it is often the most effective way to delay foreclosure for years.
Foreclosure is a complex and lengthy process, often requiring extended court hearings, negotiations, and disputes. Such complexity, however, serves to your advantage, as it may allow you to stay home mortgage-free for several years.
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