The right methods and strategies can effectively help you delay or save your home from foreclosure. Here are five steps that can help save your home for at least a year or two until you get your finances sorted.
1. Do not move out of your home during foreclosure proceedings because you could lose homeowner benefits and advantages like the one-time FHA mortgage insurance.
2. If you are falling behind with your mortgage payments, work out a personal solution to help you catch up on payments. Also make sure that your lenders are aware of your financial status.
3. Ask help from credit counseling agencies and debt management companies. They could suggest alternatives and advice for your real estate problems.
4. Negotiate with your lenders either by face-to-face meetings or sending then a Hardship letter. You can save your house with a well written and sincere hardship letter.
5. Use President Obama’s Mortgage Modification Plan or other programs that offers refinancing services to save your home.