I want to talk about how to delay foreclosure. In the first 3 months, you are hoping that you can still catch up with your payments. By the 6th month, you know foreclosure is coming and there is nothing much you can do about it.
Once you accept the inevitable foreclosure, then you can be free to be more creative on how to slow down the system, and stay in the property longer. If you have stayed in the property longer than 6 months due to the virus, then you desperately need to pay attention. No forbearance is going to save you in the long run.
NOTE: The information provided by John Ross is intended for educational use only. Please consult with a registered professional before acting on any information herein.
0:00 Help with Foreclosure
1:30 How Can You Delay Foreclosure?
4:17 What to do During Foreclosure
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One way you may delay the foreclosure if you have the option of Loss Mitigation/Mediation. This will normally delay things by 4-6 weeks. This is in the Judicial States only. In my case, I literally dragged it on for two months by making longer spacing between appointments, and not having all the paperwork ready. It was also revolving around the holidays, so there were gaps in time the courts were closed for Thanksgiving, Christmas, and New Year’s. For us, the timing worked out very well.
In general, if things don’t work out in Mediation (it did for us the first time, but the second time it never had a chance), then your next step is to delay things with filing for bankruptcy. This will temporarily help delay the foreclosure process to buy you some more time to save, and catch up with your delinquent payments.
After bankruptcy, there aren’t too many options left. Please watch the previous video on Going through Foreclosure, and Avoiding Foreclosure for all the full details. One thing that I noticed happening a lot in court was SOB stories. I have cancer, my kid can’t miss school, or the dog is having puppies. Basically, the better reason you have for not being able to leave in the next 30 days, the better. It is possible to get the judge to delay it for an extra 2 months. But, at some point, it will be time to go. If you are at this point in your story, you had better be finding alternative housing.
While your foreclosure is in process, you should be doing everything you can to bring in extra money to build up your savings. Selling everything whether it’s bolted down or not. Rent out the property, or even rent out the garage for storage space. While this may all be morally wrong, you are well within your rights as the current property owner to do whatever you want with the property. I fixed up the place, and rented 3 bedrooms to 3 women. That had its own challenges, but at least I was turning a profit. More on that in my next video.
For us, I fought it tooth and nail in court. Back in 2006, they were full steam ahead with these unlawful mortgages they were peddling. And the states knew this too. Florida and New Jersey gave away free houses. I fought for mine too, but was unlawfully shot down by the court. Not only that, but as I write this, my foreclosure and eviction are part of the public record, but the time I spend arguing the case is nowhere to be found. I plan on going down to the courthouse and finding out what happened to my time in court. Obviously, they are trying to conceal what is going on, and this is a disgrace.