So many people who are facing foreclosure or who have had the foreclosure process started want to know how to push it out. How to make it take longer so they don’t have to move right away and sort of get a chance to figure things out, find a place to live or alternatively get more time to try and work with their lender. The obvious solution is bankruptcy. Bankruptcy will get you more time in the property. It may not be a permanent solution but it’s great for getting additional time in the property. You can also discharge other debts, other secured debts, credit cards, personal loans, that sort of thing which can only help your situation. The other way to delay a foreclosure in California is through applying for a loan modification. A lot of people don’t realize that.
Under a law that they passed in 2013 called the Homeowner’s Bill of Rights, just in California, if a lender is working with you on a loan modification it’s unlawful for them to at the same time be progressing through the foreclosure process and a lot of people don’t realize that. There are so many borrowers that don’t know that if they are just in a loan modification review, the foreclosure has to stop. So if you are going down that road to foreclosure, do anything you can to get your loan modification underway. Start the review, submit your loan modification package. The lender has to have a program in place to accept the loan modification package.
Once they do and you are in review, the foreclosure process has to stop. It has to be put on hold while the lender is reviewing your loan modification. So loan modification is actually a great way to stop foreclosure or delay foreclosure. Even if you don’t end up getting the loan modification in the end, it should be enough to buy you a pretty good chunk of time. That’s one way to delay foreclosure in California. I’m only licensed in California as an attorney, so I can’t really speak to other states but my guess is that it probably works in a similar fashion because lenders want to be cautious enough to not foreclose on a property they can’t foreclose on.
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