Fight Foreclosure: And Watch The Bank Go Running Scared!
With the nation on pace for over 3,000,000 foreclosures for yet another year, and over half of all properties sold at foreclosure auction going back to the banks, your lender is almost certainly willing to modify loans now more than ever.
If you are in an adjustable rate note, the lender will offer you a fixed rate. If you have a fixed rate of 8 percent, the lender will offer you 4 percent fixed. In some cases, the lenders are even reducing the principal on loans that are more than fifty percent upside-down from their original appraised value.
Your lender wants to modify your loan and keep you in your home, but lenders don’t have enough time or manpower right now to get it all done and help you modify your loan. This is where you need to help yourself.
The court systems are currently overrun with foreclosure filings and the rash of budget cutbacks have forced them to layoff over half of the clerks working at the courthouses. This means that any filings in defense of a foreclosure will delay the foreclosure from being entered for weeks or even months.
Do not freak out at the mention of the scary-sounding legal terms coming up. You can easily learn exactly what to do to beat your bank at its own game. You can even get exactly the forms you need, with all the legal terminology and scary mumbo-jumbo all done for you – all you have to do is fill in the blanks with your own name and property information.
For a foreclosure proceeding in which the borrower does not file any responsive pleadings, the judgment will be entered against the borrower and the property is often sold at auction before any loan modification can be completed.
However, if you file affirmative defenses, motions for extension of time, requests to produce, and the like, you can stall your foreclosure for anywhere from 18 months to five years, depending on how you use the legal system and how you time your filings.
This is plenty of time to work out a loan modification or short sale, or even to save up enough money that you can move into a nicer home at a lower price without ruining your credit. It might sound impossible, but it is actually quite easy if you know what you are doing. Learn the exact procedure and download the necessary forms here. You can save your home! Start now!