Theme: Squatters flourish with lack of information on The Loan Modification Process. Legal Advice convince homeowners to stay in home without paying for their mortgage.
August 8, 2009Article brought to you by 911-Foreclosure.com
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With the bureaucracy bubbling to the top of the Foreclosure Crisis, some homeowners are learning it might be easier to hold fast to their home. This article is a response to one recently posted by Todd Ruger at the Herald Tribune. With the avalanche of foreclosures entering the courts, advice from financial officials to homeowners is to stay in your home till the dust settles.
Now it is always best to try and resolve your loan with your lenders. However, if this is not the case, at least the borrowers are coming out ahead in this race. If retaining the ownership if your property is not primary goal, then living for free should be.
There are many guidelines that must be followed to put a home into foreclosure. Applications must be filled in order and the forms must be exact to quality. Lenders must provide proof of their legal right to foreclose on a property, for example, which could take up to 2 years to provide. This breathing room gives the homeowner the opportunity to plan their next move, whether settling with the lender or planning for the days after foreclosure. By leaving your home immediately, you give your home to your lender without a fight. This is absolutely the worst possible thing to do. Even if you are not interested in keeping your home, this time can be spent towards building a nest egg which can carry you through the foreclosure process.
In 2006, 46,455 homes were placed into foreclosure in Manatee Country alone. With the foreclosure epidemic on the rise, Todd estimates that even more homes will be placed into foreclosure. With the weight of the paperwork upon the courts, a homeowner can expect the foreclosure proceedings to last for years instead of months.
Giving homeowners the chance to put aside a few months of rent into an account after foreclosure will help more then they will realize. By delaying your lender as long as you can, you are only helping yourself prepare for the future.
One example of this, quoted by Todd, is a Sarasota couple whom filed for a 45 day extension on their payment. Six months later the courts finally heard their reason on why they needed the extension.
If you are behind in your payments, you may want to look at how to stall your Lender and the the Loan Modification Process. After all, you owe it to yourself to take advantage of any opportunity which may keep your home.