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Fighting foreclosure in the last two years has been the number one issue for homeowners. Homeowners are losing their homes in record numbers. Therefore, how can homeowners survive foreclosure? What are the foreclosure time line and the reasons for foreclosure?

Foreclosure is a legal solution to a contract breach by the homeowner. To cure the problem both parties (bank and the homeowner) must decided upon a solution. If there is no agreement reached between the homeowner and their lender then the lender is forced to act on their own with foreclosure being the end result. Fedral government has regulations in place to protect the homeowner by requiring the lender to prove that they have tried to work with the homeowner. This can come in the form of loan programs or loan modification. Disclosures in the form of written notices will be mailed to you the homeowner regarding a possible foreclosure. .

The lender sometime  use a loan servicer to help as a go between to help move the foreclosure process along. This could be a benefit as well a problem. The servicer really could stand in the way of the homeowner not getting the best deal from their lender. So if you find yourself in this position you must be careful when negotiating with your Loan Servicer. The servicers are the ones who move the file to the attorney. Recently some home owners fighting foreclosure have challenged their  law suit under the legal question: has to who really own their mortgages? What they found in over 80 percent of the case  the lender  the mortgage note is not the one filing  law suit against them. In fact in some case the note can not be established, that is why fighting foreclosure make sence for the homeowner.

What  some of the reasons motivating  homeowners to continue  fighting foreclosure ? Well consider this : you might come out of it with a   lower mortgage rate and lower  payment. This fight could protect your equity or the investment that you made into the home when you purchased it and over the years.

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