| Homeowners commonly encounter problems in | | | | One way of delaying the foreclosure process is |
| getting their Home Loan modified or refinanced | | | | by writing a Hardship Letter addressing the lender. |
| because of the numerous conditions and requisites | | | | This will serve as an open statement from the |
| that need to be met to qualify for the Obama's | | | | homeowner to its lender giving details on their |
| Loan Modification Program. | | | | financial status and the crisis that they are going |
| But there are effective strategies which can | | | | through which in turn explains the reason why |
| actually help the homeowners to fight foreclosure | | | | they have failed to pay their monthly mortgage. |
| process and prolong the timeline for quite a few | | | | Court Hearing |
| years. The good things about these strategies are | | | | Homeowners are given an option to go through a |
| that each can be done even without paying any | | | | court hearing after they have received court |
| monthly mortgage or without any income. | | | | summons from the lender. Homeowners should |
| Before going through the list of strategies in this | | | | take this opportunity as an advantage as it is |
| article, homeowners should first know and | | | | everybody's right to do so. |
| understand what the "timeline for foreclosure" is. | | | | In this process, the homeowner will be able to |
| Timeline for foreclosure starts from the moment | | | | give detail on their financial status in front of a |
| a home owner failed to pay his/her monthly | | | | judge who decides whether or not to give the |
| mortgage and ends in an eviction of their home. | | | | homeowner more time to pay for the mortgage |
| Other thing that homeowners should know about | | | | and may eventually help them in buying some |
| the "timeline for foreclosure" is that there is no | | | | time before the foreclosure process ended. |
| such thing as a standard timeline, it is usually | | | | However, the focus of the homeowner should |
| different from one state to another depending on | | | | not be on winning the case. |
| the law that is being enforced there, and that the | | | | Irregularities on Housing Contract |
| lender has a chief authority on it. If this is the | | | | This strategy is known to lawyers and is |
| case, what can a homeowner do? | | | | commonly used by them; therefore knowledge |
| In the end the length of the foreclosure process | | | | on contract laws is an advantage. In this process |
| will depend on the homeowner's ability to make | | | | homeowners are required to look for irregularities |
| the law favorable for him/her and take advantage | | | | on their housing contract in order for them to |
| of the loopholes that can help them buy some | | | | delay the foreclosure process and may even |
| time. This is where the strategies come in. | | | | save their houses from eviction. |
| Hardship Letter | | | | |