How To Extent The Foreclosure Process - 5 Proven Tips To Delay Foreclosure

By Author: J.J. Yong
Total Articles: 963
Comment this article

Foreclosure process is a legal process by which a mortgagee's right to redeem a mortgage is taken away, usually due to failing to make payments. The lender, usually the bank will file the foreclosure after the borrower had missed two to three months of the housing monthly loan payment.

The borrower will receive a foreclosure summon or notice about the action and averagely 20 days will be given for the borrower to get back on the notice. The court will go ahead to approve the foreclosure if nothing is done from your end after the notice dead line.

The bank will take possession of your home legally from there onwards and your house will be sold out to a local property auction, open for the public.

No one likes foreclosure for sure, but if it happened one day due to some unavoidable circumstances, then the best that you would do is to delay the foreclosure.

Here are a few key proven tips as of how to delay foreclosure:

1. Revert per the foreclosure notice or summon, don't delay nor deny your responsibilities

If you behave well, you might get some extra time before you are asked to move ...
... out of the stated property.

2. Contact the bank directly and speak to the officer in charge

If you do this wisely and promptly, you will get some additional time from the bank.

3. Make some arrangement with the lender to further negotiate with them

If there are any alternative ways which are feasible for you to manage the outstanding mortgage such as pleading for lower interest rates or ask for a prolonged duration for the mortgage in order to reduce the monthly loan payment.

Although the outcome of this might not be attractive as this is not a refinancing arrangement, however you will get some additional time which would "indirectly" delay the foreclosure for these further discussions to take place between you and the lender.

4. Appeal for a Court hearing to claim for the opportunity to explain your specific reason which has caused this foreclosure

It is normal for the Court hearing to be taking place only 3-6 months after your appeal is sent in by your lawyer.

5. It has been widely recognized that one of the most effective ways to delay and stop a foreclosure is by writing a hardship letter to their creditors

You may hire a consultant to write this letter on your behalf. This is beneficial because with their expertise in this, it may be crucial to convince your lenders to lend you their mercy in view of your current financial situation.
Find out more information about stop home foreclosure and hardship letter to stop foreclosure via StopForeclosureReality.com.