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How to Avoid Foreclosure Even If You Don"t Qualify For Obama"s Loan Modification Plan

Today the talk of the moment is the Obama's loan modification program to avoid foreclosure.
The Obama's loan modification program is a plan aim to help stabilize the housing crisis by helping homeowners facing the possibility of foreclosure to save their properties.
This program is part of the bigger President's Economic Stabilization Stimulus Package.
The plan includes over 75 million dollars to be used in the housing market to help families to avoid foreclosure.
Unfortunately, even though the plan is working for some homeowners, the program is not working for the majority of homeowners facing the possibility of foreclosure; this is due to the many requirements to qualify under this plan.
Due to this reason, families are still losing their homes to foreclosure at alarming rates they don't know how to avoid foreclosure.
The foreclosure crisis is far from over, and in certain areas of the country, the foreclosure rate is even increasing.
Among the red tape, bureaucracy and the complex of the insides of the plan, families keep losing their homes.
This is the sad conclusion.
Most of the money, is going to the banks as incentives to work with homeowners, however the first criteria that the banks use to determine which homeowners they're going to work with is if it is financially worth it for them, on top of that, they're getting a reward.
So the main point here is that if it is not profitable for your bank to work with you, you won't be helped, aside many other requirements.
So, how to avoid foreclosure in this case? There are however some strategies that homeowners can implement in order to delay foreclosure and stay in their homes for a long period of time, if you don't qualify under Obama's Loan Modification Plan.
The time that you'll be able to stay in your home will ultimate depend on your specific situation.
Here are some strategies that you can star implementing in your efforts to stay in your home.
Try to get a Mortgage Repayment Plan.
This is different from a Mortgage Modification Plan.
A Mortgage Repayment Plan is when you agree to star making mortgage payments, even without o mortgage modification.
Another alternative may be Bankruptcy.
You may need to talk to your lawyer to find out that this is indeed a good alternative for you.
Some homeowners have been able to avoid foreclosure and stay in their homes for a long time using bankruptcy law properly.
Fight Bankruptcy in the Courts.
This may be a very effective strategy to avoid foreclosure when you know what you're doing.
 


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