Ways to Stop a Foreclosure and Stay in Your Home For Free Indefinitely Even When Nothing Else Worked

There are a number of ways you can delay foreclosure and by reading on you will learn many ways to stop a foreclosure. By doing this right you will be able to stay in your home for a very long period of time without making mortgage payments. Just make sure that you know how to deal with every situation and use the legalities behind the foreclosure process.

Obama’s Mortgage Modification Program is not really working as it should be. More than 90% of homeowners here in the U.S. are now facing possible foreclosure and are not being considered by this program because they are failing the requirements to qualify.

There are ways to stop a foreclosure and delay the procedure so you can stay in your own property for a longer period of time. This is actually easy if you have the correct information at your disposal. You can even do it by yourself without a lawyer. One thing to keep in mind is to never sign any document about it and to never leave your home behind.

A lot of people are victimized by scammer during this vulnerable period of the process. You will be surprised that a lot of homeowners get scammed by being offered a short sale or a quick fix to this problem. These won’t save your home so beware of predators taking advantage of the situation that you are in.

Here are some tips that you may use to delay the foreclosure process:

Answering the foreclosure Notice:

A hardship letter is definitely one of the most used strategies not only used to get considered for mortgage modification but to get you more time in your home or property.

Use all time that you may get:

First avoid the receiving of the foreclosure notice for as long as you can. This little tip can get you months in your house. If they can’t get you to sign the letter, they will have to use other means to proceed.

If the summon has already received, then you have approximately 20 days to reply to the foreclosure notice sent by the court. Don’t reply immediately, wait about two weeks or so before your answer the notice.

By doing this you get an additional month or so that you can use to plan ahead. Keep in mind that this notice needs to be signed and received by a member of the household to be legal. Knowing this would be a great advantage for you.

A Hearing:

After exhausting some preliminary options you can request for a hearing. Requesting a hearing in your local Circuit Court would also give you additional time. Some very informed people have used this strategy effectively to stay in their homes for up to a year.

Closing Contracts.

There are other very effective strategies to delay the foreclosure process like revising your housing contracts for errors. Most Closing Contracts contain errors and mistakes and if used properly this could stop the foreclosure process right on its tracks for even more that a year.

Knowing the ways to stop a foreclosure is just one part of it. Knowing what to do in the right situation would delay the foreclosure process for more than 3 years. These tips have been proven useful by other homeowners and you too can start using these strategies to stay in your home longer.

Last Resort to Stop Foreclosure – You Will Still Lose Your Home But it Will Be Kinder to Your Credit

If you have tried everything to stop the foreclosure on your home and failed, this article will show you how to use the “last resort” to stop the foreclosure. But the question is – even though it works, should you do it?

In case you haven’t previously heard, the absolute last resort, in lots of cases, to stop foreclosure is a dead in lieu of foreclosure. This enables you to voluntarily “give your home back” to the creditors. In this case you would be offering the deed to your home in lieu of foreclosure.

Of course when you do this, it won’t allow you to keep your home. You will still lose it, but here’s what’s good – it will do far less damage to your credit. This is far better than allowing the foreclosure to pull through.

But of course, this is the last resort and by that it means it should only be contemplated as the absolute last resort, when all else have failed. It’s not the best choice you have but it’s certainly the last-resort that will be more kind to your credit records. Other options include – selling your home outright, refinancing, repayment or even mitigation plan.

Also, it’s important to get the help and guide of an experienced lawyer before going ahead with any option to stop foreclosure. No matter how much you have read or how much you think you know about the entire process, you certainly need the expert guide and advice from the professionals, especially those that have successfully helped other people to stop the foreclosure on their homes.

Government Aid To Stop Foreclosure

Homeowners across the United States are desperately looking for ways to stop mortgage foreclosure. From trying to refinance to considering bankruptcy, many homeowners are feeling overwhelmed by their finical hardships and often give up before seeking out all their options.

In 2009 President Obama’s distraction passed the “Making Home Affordable.” bill, giving desperate homeowners a chance to easily refinance their mortgages. Not only saving money but saving their home.

Making Home Affordable is a $75 billion stimulus program that is used to keep mortgage interest rates near all time lows, in an attempt to create new mortgage refinancing options for nearly all homeowners. Meaning that having bad credit, upside down home loans, or any other financial hardships, will not disqualify any homeowners from having the opportunity to refinance.

As we know most mortgage lenders do not help people out of the kindness of their hearts. With a monetary incentive lingering with every possible refinance, banks are now welcoming refinancing with open arms. If a mortgage lender or bank helps a homeowner refinance though the rules of Obama’s stimulus plan, they will receive small cash incentives. What this means is they will overlook a homeowners bad credit, in attempts to refinance, sometimes giving homeowners a 2% interest rate with no closing cost, easily saving struggling homeowners thousands of dollars.

If you are struggling with your finances and are wanting to stop mortgage foreclosure talk with your finical advisor or look for the Obama plan online to see if your home is eligible for either refinancing or a loan modification. Remember actively working against foreclosure, is the best way to keep your home and protect your family from any further hardships.

Many people avoid seeking a solution if they are in debt in other areas or if they have bad credit. The truth is your situation will not get any better until you face the problem head on and start to make some changes. There are programs that can help you out, and if nothing else maybe a family member will take out a loan and pay off your bills to help you get caught up while you make payments to them.

Check with your local state offices to see what types of housing aid they may have available. If you have young children then your chances are greater of obtaining some assistance. It may hurt your pride, but it might be time to seek some help form the state.

Three Workarounds To Stop Foreclosure

There is no doubt that the stopping foreclosure key starts with the timing of the initial debtor action. The most common cause of losing your home results from waiting too long to respond to a foreclosure notice or not reacting at all. Contrary to popular belief, there are dozens of ways to stop foreclosure.

You should call your lender before falling behind on your payments. If the lender will not work with you and you cannot make up the missed payments, here are a few other options to stop foreclosure:

• Sell Your Home

Meet real estate agents to get an opinion of market value and average DOM to sell your home. Compare between discount broker and full-service broker to determine which best meets your needs and time frame.

• Consider a Short Sale

It affects credit but it’s not as bad as a foreclosure. You will negotiate with your lender to find out if he will cooperate on a short sale. This is called a pre-foreclosure redeemed.

• Sign a Deed-in-Lieu of Foreclosure

The homeowner provides the lender a properly prepared and notarized deed, and the lender forgives the mortgage, effectively canceling the foreclosure action. This is called deeding the home back to the lender.

Regardless of the actions chosen for the prevention or stop of the foreclosure everything is based on your ability to communicate successfully with your bank or request the help of a third party to represent you in the negotiations and come to the best solution for you.

4 Ways To Stop Your Foreclosure

Going through a foreclosure in St Louis can be a very stressful and painful process especially if you have no idea what to do about it and how to stop it. But before you can understand how to stop a pending foreclosure you must understand how the foreclosure process works in Missouri.

How a Foreclosure Does It Work?

Missouri utilizes the non-judicial method of foreclosing on a property. What is a non-judicial foreclosure you ask? A non-judicial foreclosure does not involve the courts but it does require a notice as to when they are going to foreclosure. When you first signed the loan agreement for your mortgage, one of the things you signed is the deed of trust. The deed of trust gives the lender the right to foreclose on the property if a default of payments were to occur. One of the items in the deed of trust is what’s known as the power of sale clause.

The power of sale clause allows the lender to sell the property in order to satisfy the remaining debt on the property. The sale usually happens in the form of an auction. Because Missouri is a non-judicial state there are very strict rules about notice requirements and legal documents are required to contain the power of sale language in order to execute this type of foreclosure method.

Mandatory Items For The Power of Sale Notice

1. There must be a notice in the local newspaper publication at least twenty times continuously every day leading up to the day of the auction in a city of 50,000 people or more. In other parts of the state the notice must run 4 consecutive weeks no earlier than a week before the auction. Notice requirements are reference in Missouri Revised Statutes Chapter 443.320.

2. The lender must give you notice 20 days notice before the auction takes place. They must notify you of the date, time and location the auction will take place. Sale requirements are referenced in Missouri Revised Statutes, Chapter 443.227.

How To Stop The Foreclosure From Happening

Now that you have a better idea of how the foreclosure process works in Missouri and more specifically in the St Louis & St Charles area you will now have an even better understanding of how to stop it. Here are the four fastest ways you can stop your pending foreclosure.

1. Refinance. Refinancing is always in your best interest if you can qualify. Make sure you apply for the refinance before you are late on your mortgage payment. Once you are 30 days late on your house payment the damage may have already been done and your credit score may have dropped too low for you to qualify.

2. Don’t List Your House Yourself. List It With a Realtor. Too many times I see homeowners who are on the verge of losing their home try and list the property themselves. If you decide to list your house make sure you hire a professional agent. Agents will get your house sold 50% faster and often times within 90% of your asking price. Make sure you have enough equity in the house to be able to pay your agent. Remember, agents are NOT free.

3. Sell Your House Fast With An Investor. You’ve seen them all over town the “We Buy Houses” guys. Be careful with some of these people though. They advertise that they have cash and often times will make offers on a property and never close. Make sure they give you a deposit up front and set a fast closing date. If they are stalling on the closing date, then they probably don’t have cash to buy. Be careful!

We on the other hand have cash to close on your property in five days. We are experienced home buyers who will give you a CASH OFFER in 24 hours. We can close on your timeline and will often times pay the closing costs.

4. Short Sale. This has become a very popular exit strategy the last couple of years for hundreds of thousands of homeowners across the country. To keep it simple a short sale is when the bank will let the homeowner sell the property for less than what’s owed on the property. This can be a very lengthy process but nonetheless once the short sale process has started it will immediately freeze the foreclosure process. You may be wondering how to get a short sale started.

In Review:

Foreclosure Process

1. Homeowner is 120 days late on payments

2. Bank notifies homeowner of auction – 20 days before sale date

3. House is sold at auction and if property doesn’t sell…

4. Bank takes back property and will list with an REO broker

How to Stop Foreclosure

1. Refinance

2. List With Professional Broker

3. Sell To Investor

4. Short Sale