ALL >> Business >> View Article
Failed To Get Obama's Mortgage Modification Program? 4 Ways To Delay Years Of Foreclosure Payment

First of all, the key objective of Obama's Mortgage Modification Program is to help families to save their homes, it does not intend to delay anyone's mortgage or to halt the foreclosure process.
Foreclosure came by usually after being late for a few months, usually 2-3 months, your lender decided to file a legal action against you for the delinquency in the mortgage payment. You will receive the collection letter issued by their attorney.
Soon after that, they will start the foreclosure process by issuing the necessary foreclosures summon to you. At this stage, you may choose to request for the foreclosure court hearing, or do nothing and pack your stuffs ready to be moved out in approximately 2 weeks time.
As the requirements to qualify for the mortgage modification program is very stringent, probably only 20% of the US citizens are qualified for this program, and the majority of homeowners who really needed the help didn't qualify for the program, sad to say.
Nevertheless, there are many useful tips and strategies where you can use to delay the foreclosure process for months or even years if you ...
... know how to get around them effectively, and also the timeline of the foreclosure varies from one state to another as well as your ability to use the law to prolong the foreclosure process to your best benefit:
1. An economic hardship letter - for communication and to delay the foreclosure
A hardship letter is normally sent to officially communicate to the creditor on valid reasons as of why the homeowners cannot meet their financial obligations as per what they have committed when they signed off the mortgage contract.
They are multiple reasons for this to happen such as: retrenchment activity carried out by your company, pay cut due to bad recession or the inability to continue make the living due to illness or accident which had happened to the homeowners. The letter is also often being used by lawyers to delay the advancement of the foreclosure process.
2. A legal inquiry - a court hearing for the foreclosure
This court hearing is not intended to put off the foreclosure process, but mainly it has been used to extend the overall timeline of the foreclosure because the whole court hearing might probably take up another 6-12 months time, which is beneficial for the homeowners for the additional time to make up with the payments.
3. Finding mistakes and errors in your housing closing contracts
This is a popular strategy normally used by lawyers as a weapon to fight against your creditor in order to delay the whole foreclosure process for a considerable long period of time. However, this action is mostly being taken care of behind the screen.
4. File for a bankruptcy - to stop all foreclosure process almost immediately
A chapter 7 bankruptcy will actually dissolve all your outstanding debts and loans which help to remove all your responsibilities to pay for your debts. This will temporarily delay the foreclosure process as your bankruptcy has been logged against the US bankruptcy court.
This may take up approximately 60 to 90 days depends on the local foreclosure system and the bankruptcy court judge as well.
If you asked yourself - should I refinance my mortgage? Find out more mortgage refinance tips to save your home from foreclosure via http://MortgageRefinanceReality.com
Add Comment
Business Articles
1. Stem-xpert At Web Summit Qatar 2025, Pursuing Innovative Solutions In Stem-as-a-serviceAuthor: stem-xpert
2. Deepseek’s Rapid Rise: Disrupting The Ai Market Amid Controversy
Author: Iconic success
3. Reimagining Customer Services With Microsoft Dynamics 365 Implementation
Author: Maria
4. Upcoming Developments In Ss Flanges: Possible Effects On Different Industries
Author: Neelam Forge India
5. Mg Hector 5 Seater Price In Chennai: A Detailed Review
Author: balaji
6. Mg Hector Ev Price In Chennai: A Comprehensive Overview
Author: balaji
7. Spring Marketing Trends: How Print And Video Can Refresh Your Brand
Author: Devin Herz
8. Auto Transport Services In South Carolina
Author: Secure Car Shipping
9. Authentication Of Australian Certificates In Canada: A Complete Guide
Author: anzilanx
10. Low Maintenance Plants For Home Landscaping
Author: Apunga Landscapes
11. The Ultimate Guide To Rocking Chairs – Comfort, Style, And Elegance
Author: tushar
12. Bioethanol Market Size Insights Forecast 2024-2030
Author: Nilam Jadhav
13. Touffy Fabric Upholstered Rocking Chair – The Perfect Blend Of Comfort And Elegance
Author: tushar
14. Maximizing Efficiency: Why Small Businesses Should Outsource Bookkeeping And Financial Services
Author: KMK Ventures Pvt Ltd
15. Big Patient Data And The Future Of Real World Evidence: Learnings From Biotechx 2024
Author: Industry Chronicle