How to Prolong the Foreclosure Process - Tips To Delay Foreclosure Proceeding

April 15, 2010 - PRLog -- This can most definitely be the case, but not for every homeowner. The foreclosure process can be delayed if a homeowner knows exactly what to do and how to move forward. There are many ways to delay or even stop foreclosure.

Aurora Lillo Editor of the "Best Loan Modification Companies" website -- http://www.BestLoanModificationCompanies.com -- pointed out;

“…Many Americans today are doing whatever is needed to save their homes; from using credit cards to taking on second jobs. There are times when these are just not enough and repossession of the home begins approaches closer and closer. Homeowners are looking for ways to prolong the foreclosure process and get through their financial crisis…”

The following are some tips to help delay that process.

1. Do not leave the home. This is most important. If you leave the property, you give up the rights that you may have protecting you under the Foreclosure Housing Act.
2. Communicate with the bank. Lenders do not want to reclaim homes and like to know what is going on with their property. Foreclosing on a home means a large loss for a lender, including monthly payments or revenue. As long as communication and effort is made from a borrower, lenders typically allow time for finances to get back in order.
3. Consider debt consolidation. Reconfiguring bills is a good way to delay the foreclosure process. Consolidation allows the freeing up of extra money to pay the mortgage.
4. Negotiate the mortgage. Monthly payments might be able to get paid if they with lowered some. This may be possible by negotiating different rates and terms with the mortgage lender. One example is extending the loan period, which will in turn lower what is to be paid each month.
5. Ask the court system for more time. File an answer in the court making a request for more time. This must be done as soon as notice of legal action is received.
6. Defend the disinheritance. Hire an attorney that specializes in foreclosures and defend the foreclosure.

”…Send in any type of payment. These funds will not be put towards the mortgage payment, but when these funds add up to the amount of a payment, it can be requested that it all be applied to the house payment. This shows that the borrower is trying very hard…” added A. Lillo.

Further information about how to get professional assistance with a mortgage loan modification by http://www.BestLoanModificationCompanies.com