Delaying tactics, such as the loan mod "cram down" method, are important regardless of where you are in the foreclosure process. If you are current but upside down this would be the time to gather the options available for a strategic plan to deal with your particular situation. An experienced real estate agent, attorney or foreclosure specialist would be a source for information for homeowners across the nation.
Using the loan mod "cram-down" need not be the first option but it certainly ranks high on the list This technique reminds one of the movie "Top Gun" when the fighter pilot "goes all out". This will stop a foreclosure and it will delay an eviction.
Case in point, recently a Foreclosure Prevention Company had 2 homeowners with the same lender. Both had been issued an eviction notice. Homeowner 1 will be "weak homeowner" and homeowner 2 will be "strong homeowner.'
Weak homeowner (1) followed the "cram-down" technique and the strong homeowner (2) simply trusted a big well-known lender to do the right thing.The result was that strong homeowner lost the home and was evicted, yet during the same week the weak homeowner got a loan mod. The strong homeowner met all of the "loan mod requirements" and the weak homeowner was not any more qualified than an unemployed dog, -- so much for the lenders doing the right thing.
The weak homeowner now can take his loan mod and convert it to a Principal Balance Reduction Refinanced Loan which is exactly what he needs to do. By reducing the principal balance and knocking off $500a month from his mortgage payment he can afford the mortgage payment and his house is no longer upside down. He is also able to repair his credit and possibly save up some money to get out of debt. It is even possible to delay the foreclosure process 2 years or more with this method...you do the math.
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