Homeowners in danger of foreclosure live rent free while waiting for Foreclosure Advice
Posted by Foreclosure Prevention in FinanceArticle brought to you by 911-Foreclosure.com
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While red tape is blocking the loan modification process, home owners find it may be easier to stay in their home. This column is credited to Todd Ruger whom originally brought this topic to light. Sarasota Country, Florida attorneys advise homeowners to remain in their residence while the paperwork dam in the courts overflows.
In a perfect world, working your loan modification with your lenders is the ideal solution. However, if this is not the case, at lease homeowners have an opportunity in their favor. If you no longer want to maintain your ownership of the home, living it in rent free should be your end goal.
There are strict laws that must be adhered to place a property into foreclosure. Applications must be filled in order and the forms must be exact to quality. Asking the lenders to provide proof of their right to foreclose, for example, can extend your foreclosure sale for up to 2 years. This gives the borrower a bit of time and breathing room which can be focused on creating a plan that works with both Lender and Borrower. By far the least attractive option for a homeowner is leaving their home while in foreclosure. This gives the property right to the bank without a fight. 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 Manatee County, with the Foreclosure Epidemic spiraling out of control, Todd stats that an estimated 46,455 home were filed into foreclosure since 2006. With the weight of the paperwork upon the courts, a homeowner can expect the foreclosure proceedings to last for years instead of months.
Getting a few months mortgage free is a perk to most borrowers, but for others it might create a smooth transition into “life after foreclosure”. By biding your time with the lenders, you’re only opening doors in the future.
One such example is that of a Sarasota couple who filed for a 45 day extension to file an official response to the foreclosure. Six months later, the court finally heard arguments on why they might deserve the extra time.
If you are behind in your payments, you may want to look at how to stall your Lender and the the Foreclosure Process. After all, you owe it to yourself to take advantage of any opportunity which may keep your home.
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