How To Buy Time If You Are Facing Foreclosure

How can I buy time if I'm facing foreclosure?

A homeowner is able to extend the amount of time that they can remain in their home, even if they are not making mortgage payments, through one of two practices which appear the same on the surface but are dramatically different in their impact on the cooperation received from your mortgage lender. The first practice is to honestly explain to a lender what the problem is that you're unable to make mortgage payments. Whether you've lost your job, whether you expect to get a new job, whatever the financial difficulty is, explain to them why you expect to be able to improve that and at the same time they will likely work with you through events that are unforeseen. You don't have to keep every promise. You need to be honest with them so that they trust that you are telling them the truth as to how your situation is unfolding. It is not unusual for a lender to extend a mortgage situation that has back due payments for three months, six months, a year or longer, should the homeowner still be able to make some payments with the prospect of coming current at a future period of time. However, should a homeowner not act in a forthwith manner with their mortgage lender and use such methods as a trick to get free rent and try to live indefinitely in the house, that will work for a short period of time, maybe as much as three to six months. But once the lender realizes that situation, the lender will typically force the homeowner out with no sympathy, no compassion, and the clock and trustee's stay will be running at about another 90 days, and then they're out of there.