A significant percentage of the population went into shock back in 2008 as they watched the 24 hour news programs announce the evaporation of their home values while utilizing a myriad of charts and graphs to drive home the devastating news. In my circle of friends, more than I care to admit got waylaid by the turn in the economy. And, as it has been discussed ad nauseam, there are many people that should have known better. However, not everyone facing foreclosure is in that situation because they spent all their home equity traveling the globe, or they needed their McMansion to keep-up-with-the-Jones'. There are many hard working people that managed their household finances responsibly yet are on the precipice of losing their home to foreclosure.

It is this segment of the population, someone that has lost their job in the carnage of the housing collapse, someone that didn't over extend and only needs a job to be able to pay their bills; that can utilize the system to buy themselves some time.

The process is very simple, yet under the pressurized circumstances may not jump out at the man or woman on the street as something that can work for them. They need to have a pretty clean payment record and have all the files and records from your outstanding loans. You will need to have evidence that you didn't flit away any money. You'll also need a detailed household budget.

As the foreclosure process moves forward, before the actual sale is to commence, you can file for a foreclosure court hearing. This can be done at any time during the process. This will stop the process and understanding that the courts are overwhelmed with cases, the delay may be significant. This will give you time to get back on your feet financially. They when the hearing does take place, your financial accounting will show that you acted responsibly and you will be able to plead your case with the court as to why you should be given additional time to make right the account.

Your lender will have every incentive to work with you and may restructure your loan to accommodate your new financial reality. However, before applying this strategy it will be best to consult an attorney that is versed in foreclosure and bankruptcy laws in your jurisdiction.  Bill Fulton