4 Possible Ways to Stop Foreclosure for Troubled Homeowners - Your Home Can Be Saved At Last!

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Many have been experiencing bad times during the economic recession and it's feels like dealing with long losing streaks in your poker game - and that sounds awful when this happens in real life, especially when you're in the risk of losing your home since you're having troubles of paying off your mortgage.
Thus, your main concern is this - "Can I really save my home from being taken away by the lender?" The answer is always - "Yes, you can", but are you willing to do whatever it takes to save your home at this time being? Here are some possible ways to stop foreclosure: 1.
Applying for a loan modification program Start with applying a loan modification program that offered by the Obama Administration -which is currently known as Home Affordable Modification Plan.
Who knows - you might be one of the one million homeowners, who are eligible for such loan modification plan which makes you easier to pay off your mortgage loans.
It's not easy to get this particular modification plan from your first application - thus, you probably need to apply for several times in order to have your application approved.
Writing a hardship letter Start informing your lender that you couldn't afford to pay off the mortgage as you have missed several months of payments.
Therefore, you need to have it written in a form of letter - it is commonly known as a hardship letter.
Don't underestimate this particular letter as it is an effective tool to negotiate with your lender for mortgage refinance.
At this point, you can take this opportunity to negotiate with your lender for affordable monthly repayment so that you're able to salvage your precious home.
It's your choice whether this hardship letter is written by your financial consultant or by yourself.
Finding errors in your Housing Closing Contract (or mortgage contract) This is quite an uncommon way to save your home from foreclosure but it still workable if your contract contains small errors or contract loopholes that can be used against your lender to hold back foreclosure proceedings.
It's a worth a shot by meticulously reading your contract and search for any possible flaws of your contract.
Therefore, it's most likely that you need to hire a lawyer to find such errors or loopholes in your contract.
Consult a lawyer for advice about your Court Hearing procedures You might think that you can delay foreclosure by prolonging your Court Hearing but that's only the tip of an iceberg - meaning it has only temporarily solved the surface of the problem.
To put an end to your foreclosure problem, you need to consult a lawyer for detailed advice about the Hearing procedures as you need to be well-prepared to retain your position as a legitimate homeowner.
If the Hearing results look promising - you would be given a time extension to overcome your mortgage issues - by getting a mortgage refinance at an affordable rate, and you can move on living at your home as usual.
You have to accept new challenges in dealing with new problems that coming to your way.
Good luck!
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