We have all heard President Obama’s plan for what he calls Americas economic come back. At best it is a roller coaster ride with multiple twist and turns. One of the many twist is the claim of solving the countries foreclosure crisis.

Most people that I have interviewed feel alone and like there is no help in site. The question on many American’s mind is where are the so-called foreclosure bailout lenders? If that’s the question on your mind and you feel alone, the reality of the situation is thousands of families all across the country have found themselves in the exact deadly position of loosing their homes as well.

It all comes down to your credit rating… If your credit hasn’t dropped and you are current on your mortgage payments, and you have a lot of equity built up in your property – you “may qualify” for a

foreclosure bailout 80 ltv

loan which is a 80% loan to value type loan.

As families around the country hold on for dear life waiting for any type of foreclosure relief. Many are wondering where is the FHA Hope for Homeowners… I am referring to the relief that falls under the government bailout which was introduced by Congress in October 2008. The goal of this plan was suppose to stop foreclosure loans on a large scale and save the American public at large.

Borrowers are predicting that the number of homeowners that will default on their home loans will go through the roof. In fact borrowers have publicly stated that things are going to get a lot worse before they start to get better.

Because the mortgage companies know what’s coming down the road they are actively seeking ways to avoid foreclosure before it happens. As a homeowner it is advisable that you look into a loan modification with your current bank. With a mortgage modification, the homeowner and the borrower negotiate the terms of the current loan to make it more affordable. The majority of the time the monthly mortgage payment is lowered by reducing the interest rate, reducing the principal amount owed, extending the loan term.

We as homeowners are advised to seek out bailout lenders that are going to give you a good interest rate, length of the payback terms, points and fees, and we should also take in to consideration the reputation of the mortgage company.

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For homeowners who are not attempting to stop foreclosure but only get enough time to move out and give the house back to the bank, a deed in lieu of foreclosure may be the best option. But even then, it may also be in the best interests of the borrowers to fight the foreclosure in court to persuade the bank to negotiate.

Homeowners, as soon as the bank has begun foreclosure filings, can start filing their own motions in court just to get more time to have the lawsuit pushed back. It may be a huge mistake to allow the bank just to get a default win in court because the owners are too anxious and fail to show up for hearings or file an answer to the complaint in the first place.

For most foreclosure victims, doing the minimum amount of work to defend the lawsuit and stop foreclosure will show the bank that they are not willing to be kicked out of the house quickly and easily. Just going into court to defend the foreclosure can drag out the lawsuit potentially for months or even years.

While the lawsuit is languishing in the county court system, borrowers can then try to work with the bank to execute a deed in lieu of foreclosure to help them preserve at least a little bit of their credit. But they should not let the bank dictate all of the terms and how much time is available to get the deed in lieu done. Homeowners can use a defense against the lawsuit to force the bank to negotiate more beneficial terms.

Otherwise, the lender may just take its time reviewing the deed in lieu, and the house will be foreclosed and sold at sheriff sale. At the last minute, the borrowers may be told the mortgage company will not be accepting the deed in lieu and the house will instead be auctioned off. This is the result every homeowner dreads, but it is far too common for banks to turn down requests for help at the last minute.

There are even just a few little motions that homeowners could file in court and find explanations for online. A Motion for Extension of Time might give them an extra 30 days to file an answer to the complaint. A Motion to Dismiss might give them several extra months until the motion can be ruled upon and either granted or dismissed.

By the time these two motions have taken up valuable months, the bank will know that the owners are serious about finding a solution either in or out of the courts. The judge in the case can even order the bank to try and work with borrowers to stop foreclosure and keep the lawsuit from going to a trial (foreclosure lawsuits rarely go to trial).

That loan modification homeowners do not qualify for right now may look a lot more inviting to the bank if they are defending the lawsuit and looking at a two or three year legal process before they can take the home. That could be several years of mortgage-free living for homeowners and just as many years of legal fees and losses on the loan for the mortgage company.

Homeowners should look into their legal options as well as their non-legal options for avoiding foreclosure. Stopping the lawsuit in court or getting additional time is the best solution to begin with. Borrowers are encouraged to consult with a lawyer if they feel the need to; even spending $1,000 on an attorney would be worthwhile if they received an additional 6 months to work out another solution to foreclosure without having to pay the mortgage.

The Foreclosure Fish website has been set up to educate homeowners facing foreclosure about the best solutions that will allow them to save their homes, sell for top dollar, or find alternate solutions. The site describes various methods homeowners may qualify for, including deed in lieu, foreclosure loans, mortgage modification, and more Visit the site to read more about tactics when facing foreclosure, as well as how to recover after a financial hardship: http://www.foreclosurefish.net/