How to Stay In Your Home without Servicing your Mortgage

Home foreclosures are on a record high at the moment, with the situation getting worse even in the new Obama administration implementing friendly mortgage loan programs. These programs are simply not viable because most homeowners end up losing their properties after all. This could be attributed to the fact that these programs are very complicated and have very many requirements that have to be met just to get a mortgage modification. The result is that most homeowners become unable to salvage their homes. The convoluted requirements make it nearly impossible for the fraught homeowner to even think of mortgage loan modification, let alone apply for one. 

It should be mentioned that President Obama’s plans and intentions are laudable because he crafted a solution that will bail out the dying home sector. Alas, the plan wasn’t the best for the majority of homeowners. Some changes were effected along the way but it still wasn’t the most viable plan that would benefit the common majority no wonder there are still very many homeowners struggling hard to salvage their foreclosed homes.

With that said if the government run program cannot help with your mortgage situation, you ought to find a way to solve the problem at your level. Luckily, you have some measures at your disposal that you can take advantage of to at least delay foreclosure and at the same time stay in your home for free. These measures include:-

First and foremost you should write a very convincing and exhaustive hardship letter addressed to your lender. A hardship letter is simply a direct appeal to a mortgage lender requesting to be given more time to service the mortgage. The hardship letter has to be extremely compelling with valid reasons as to why you want your lender to be lenient with you. If the letter is compelling enough, you will be given a 6-month allowance in which you will be expected to make the payments. 

Notice that if this becomes successful you will be able to delay foreclosure, well at least for six months, while you try to look for a permanent solution to your situation. Be advised though that getting the attention of your lenders could be a very hard nut to crack so you ought to approach this measure very carefully for positive results to be realized. 

The second measure to take that could at least give you a break from servicing your mortgage as you look for a permanent solution is to look for errors in the property contract that you were given and then go to court. Yes, you heard it right, go to court. Man is to err and errors in the contracts could occur. Reread and scrutinize the contracts carefully to look for any errors and then specify these errors in a detailed report and forward the case to the courts you don’t need to get a lawyer because you are entitled to a hearing. This way, you will be able to delay (read halt) all foreclosure proceedings until the case is complete. At least you will get time to think of a permanent solution to your problems.