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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 post is reply to the Herald Tribune’s article by Todd Ruger. In Sarasota County Florida, lawyers are instructing homeowners to stay put. With the flood of paperwork filing into the courts, this may be the best advice ever.
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 keeping your home is not your end goal, living rent free should be.
There is an exact process that must be followed for a lender to foreclosure on a property. Paperwork must be filled in the proper order and forms need to be neat and tidy. One such example is that Lenders must provide proof of their right to foreclose on a property. This little secret could land you rent free in your home for up to two 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. The worst possible outcome for a homeowner struggling through the foreclosure process is to leave the home. At the worst case, the added time in your home will give you the opportunity to build a nest egg capable of carrying the homeowner throughout the foreclosure process.
In Florida, a total of more than 46,000 were filed into foreclosure since 2006, estimated Todd. This is only the tip of the iceberg with the foreclosure crisis spinning out of control. With courts filled with current cases, it is not uncommon for a case to take years instead of months to be finalized.
Offering homeowners the chance to put away a few months of mortgage payments into their savings will offer many opportunities to move forward through the foreclosure process. You are only helping yourself prepare for the future by delaying the banks.
Todd shows an example of this in a Sarasota couple who filed for a 45 day extension on their loan. 6 months later the courts finally heard the case to the reason on why they needed the extension.
If you are behind in your payments, you may want to look at how to stall your Lender and the Foreclosure Advice. After all, you owe it to yourself to take advantage of any opportunity which may keep your home.
