A homeowner who is doing all that he can to stop a home foreclosure is racing against time to find a favorable solution to his predicament. The more delinquent a loan is, the more fees banks are charging for it. Bank attorneys are also on the move to file motions for foreclosure with real estate courts making it critical for the homeowner to finalize a solution to stop foreclosures now.
One of the most obvious solutions that homeowners can take but often overlook in their bid to stop foreclosures is simply communicating with their banks to delay the foreclosures process. Discussing with lenders could give them ample time to work out a repayment plan, work out a refinancing option, or selling the home in order to stop foreclosures. Some owners would opt to file for a bankruptcy just to avoid foreclosures but this extreme resort would drag on indefinitely until legal proceedings can finalize the case.
Homeowners bidding for time can file a Motion for Extension of Time to gain at least an additional thirty days to work out solutions to stop home foreclosure. Most courts are favorable for this motion and banks do not usually oppose if a reasonable amount of time was asked. These courts understand that beleaguered homeowners are under a lot of stress and providing a defense to a lawsuit within the usual two-week allotted period may be impossible to accomplish.
However, homeowners must understand that the Motion for Extension of Time should be used to gain time to make a proper response to stop a foreclosure and should not be used to work around the system and drag the foreclosures process for a long time.
If there are ample reasons to file for a Motion to Dismiss, then the homeowner can take this path. This can buy him more time and the delay in the foreclosures process would make the lender discuss possible terms with the homeowner, and eventually work out an agreement that is favorable to both parties.
Leticia Carvalho has been educated in the finer points of the foreclosure market over 5 years.