Home Owners in danger of foreclosure live rent free while waiting for Foreclosure Advice

Posted on August 10, 2009
Filed Under Mortgage | Leave a Comment

Article brought to you by 911-Foreclosure.com
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With the Foreclosure Epidemic at all time high, borrowers find it may be easier to stay in home for free. Acknowledgement to this response is given to Todd Ruger whom covered this topic in the Herald Tribune. Sarasota Country, Florida attorneys advise homeowners to remain in their residence while the paperwork dam in the courts overflows.

It is always best to resolve any issues with your bank to avoid any complications. But if you have exhausted all your options, homeowners have an opportunity to come out ahead in this situation. If retaining possession of your home is not your primary concern, the staying rent free should be.

There are many guidelines that must be followed to put a home into foreclosure. Proper documentation must be critically filled out and due process must take precedent. The gamut of the foreclosure process, for example, can extend for up to 2 years if a homeowner requests that a lender prove their legal right to foreclose on a property. time to either plan for life after foreclosure, or to finalize a plan that works for both homeowner and bank. The worst possible outcome for a homeowner struggling through the foreclosure process is to leave the home. Regardless if keeping your home is your focus, this added time to prepare for either outcome is a great boon for the homeowner.

In Manatee County, with the Foreclosure Epidemic spiraling out of control, Todd stats that an estimated 46,455 home were filed into foreclosure since 2006. With courts filled with current cases, it is not uncommon for a case to take years instead of months to be finalized.

Giving homeowners the chance to put aside a few months of rent into an account after foreclosure will help more then they will realize. By delaying your lender as long as you can, you are only helping yourself prepare for the future.

One such example is that of a Sarasota couple who filed for a 45 day extension to file an official response to the foreclosure. Six months later, the court finally heard arguments on why they might deserve the extra time.

If you are behind in your payments, you may want to look at how to stall your Lender and the the Loan Modification Process. After all, you owe it to yourself to take advantage of any opportunity which may keep your home.

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