If you where able to stall your foreclosure for an extra six to twelve or even eighteen months would that extra time allow you to get your finances back to a place where you could afford and more importantly qualify for a mortgage loan modification program.
Some families who have through no fault of their own lost their main source of income due to the economic downturn have unfortunately fallen into the foreclosure trap. Their only crime is that their jobs where victims of bad management. Now with no source of income they have fallen behind on their home loan and are facing foreclosure and the loss of the family home.
Some of theses people have top class qualifications and excellent prospects of large incomes when the economy eventually rebounds. So it appears that perhaps all some people need is a strategy that would hold off the foreclosing lender until they find a new good paying job.
There are numerous things that can be done to slow down the foreclosure process from declaring bankruptcy to filing a case at your local courthouse asking the judge for a injunction order against the bank and its attorney thereby stopping the auction.
The only thing that is guaranteed is that if you do nothing your home will be auctioned and you will lose it.
Never ever ignore any correspondence you receive from your lender or their attorney by mail. Never ever ignore any correspondence you receive from any US Court. Remember that without and order from a judge no one can proceed against you. Even is states where the foreclosure system is non judicial the foreclosure must be recorded with the court.
Merely committing to fight the bank and its attorneys will guarantee you at least an extra three months. Perhaps in three months you might have found a great job and will be in a position to easily afford your current payments.
Christina NiBraonain is a free lance author who writes articles for various websites and blogs.
For more foreclosure prevention resources please visit:
http://Mass-Homes.com
http://ForeclosurePreventionGuide.com
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