If you did not qualify for Obama's plan for mortgage when it first came out, do not despair because you are not the only one. The plan was well thought of but it has become impossible to qualify because of the requirements.
We all want to get on with those payments but the economy is tough right now. That, plus the fact that more and more people are jobless right now make paying what needs to be paid difficult.
Applying for a loan modification can really be tough. You could always re-apply again but the chances of being denied on the second time are high. Even the third time proved to be difficult for homeowners.
Fortunately, cunning homeowners have now thought of other ways to delay foreclosure. It has already proved to be effective in letting homeowners keep their homes for a few more years. Some do not even need to apply for loan modification anymore. Here's how:
Never abandon your house while applying for a loan modification. You never know how your lender's mind works. Never ignore a foreclosure notice either. If your lender is not able to contact you, then foreclosure begins.
If the foreclosure process begins, it's either you lose your house or you could fight for it. If you choose to fight for it, you could turn the situation backwards and make the laws and rules work for you instead.
One way of doing this is by patently reading your contract. Pay attention to what you are reading and look for errors in the contract. Even the smallest mistakes can be used against your lender and will let you live in your house longer.
A convincing hardship letter sent to your lender can also help delay foreclosure until you are ready to make payments again. Asking for a court hearing is also possible and as long as you know how to approach things, then you do not need a lawyer for this.
If you are able to successfully delay foreclosure, you do not even need to get a loan modification. Both loan agencies and lawyers know these secrets but would never bother to tell you because they would not make money exposing those secrets.
The good news is that you do not need help from them. Read and familiarize yourself with your contract and study the possible arguments. Being able to stand up in court and explain your story well gives you a higher chance of keeping your house for a long time.