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Legal Way to Delay Foreclosure

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By : Rudson Tren    99 or more times read
A notice of foreclosure is currently one of the most devastating documents that any homeowner could receive. In the past couple of years, foreclosures have become rampant in the entire US. President Barack Obama has rolled out a loan modification program that aimed to reduce, control, and stop foreclosure. At first, the program was welcomed by consumers, but it eventually lost luster.
Impediments to the loan modification program of the federal government include the numerous legal requirements and the full participation of lenders. Many homeowners were disappointed to realize that it is just too difficult to qualify for the program due to the numerous documents and legal requirements set. Banks were also not forced to participate in the program. Thus, a qualified homeowner may still not take advantage of the program if his lender is not an enlisted participant in the same scheme.

Numerous homeowners and their hired law firms are now turning to more effective and legal strategies to delay if not totally overcome a possible foreclosure of a home. Different foreclosure laws are implemented in different states. That is why effectiveness of legal proceedings that attempt to halt the transactions may vary from state to state.

So, how could a troubled homeowner delay a potential foreclosure for an extended period so that he could use a longer time to find ways to improve his financial position? One of the best and most effective legal strategies used today is to set up the foreclosable home as a homestead. How does it work?

When a notice of foreclosure is served, the homeowner is usually given up to 45 days to properly respond to it. Failure to make the necessary response would lead to repossession by the lender of the foreclosed property. A law firm hired by a homeowner could request for a hearing after issuance of foreclosure notice. It may involve transfer of home ownership to a designated trust.

Through that legal process, foreclosure would be postponed possibly up to as long as three years. That way, the homeowner could use the extended period to find more options and ways to improve his financial condition, repay the home loan, or fund installment payment schemes.

The process of legally delaying foreclosure is now becoming a popular option for prolonging or totally preventing foreclosure. Experts advise troubled homeowners to immediately seek the services of a reliable law firm, so they could be guided accordingly on how to delay the possible (and devastating) foreclosure.
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