Ways to stay in a mortgage free home for a very long time

It is same old news all the time we get new president. They planned and launch the mortgage programs. Most of time this mortgage program do not work, we still see several home owners losing homes to foreclosures. Though president has planned few modifications along with mortgage, it did not work and some home owners are till now facing problem of foreclosures. There are many requirements required just to get loan modified making impossible for home owners for get one.

There were many improvements made but they did not do anything good. Many people are still battling with foreclosures. Luckily, one can apply their own strategies for fighting or delaying foreclosures and let keep their house free from mortgage for many years and they won’t need any amount of money for this.

There are few strategies so that one can keep their house for long time. Write convincing hardship letter. While you write hardship letter, you are asking lender to give more time for paying mortgage. Explaining why you are not able for making payments on time.
Show this sound convincing and do not show like you are trying making excuses. If hardship letter is approve and considered by lender, she/he may allow maximum of six months time for paying loans. This is good way for delaying foreclosures rather than avoiding lender.

But this must be made in certain, specific way to make this work. Lenders receive hundred of letters daily so they do not pay attention towards them, but they just discard it, so one need to know that how to use such approach to get noticed by the lender.

Look for error in property closing paper. One of most powerful strategies which can be used to delay foreclosures is to look towards errors in contract. Contracts which are 3 to 7 year old usually have lot of error. But you will require knowing what to look and then where to look. Good news is, once you get what to look you can do it by your own. You can take it to court if find error and also do not need to hire lawyer for helping you.

Lawyers generally know such kind of things but then also avoid telling home owners because they use such strategies by themselves and charge huge sum of money for services. Lastly, request for court hearing, you are having every right to do such as home owner.

If you are able to do this properly, you could keep house for 2 or may be 3 years. Many home owners try to ignore hearings because they all think that this will speed up process of foreclosures. It actually works other way around only if done properly. Always remember that aim is not for winning but for delaying the foreclosures.

Summary – Foreclosure is process and there is various ways to delay such process and stay at mortgage free home for several years regardless financial situations, even if you do not have income at all.