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While red tape is blocking the loan modification process, home owners find it may be easier to stay in their home. This column is credited to Todd Ruger whom originally brought this topic to light. With the avalanche of foreclosures entering the courts, advice from financial officials to homeowners is to stay in your home till the dust settles.

It is always best to resolve any issues with your bank to avoid any complications. But if you have exhausted all your options, homeowners have an opportunity to come out ahead in this situation. If keeping your home is not your end goal, living rent free should be.

There are strict laws that must be adhered to place a property into foreclosure. Paperwork must be filled in the proper order and forms need to be neat and tidy. Asking the lenders to provide proof of their right to foreclose, for example, can extend your foreclosure sale for up to 2 years. This added bit of time gives the borrower the chance to recoup necessary funds to settle their loan or to finalize a plan that works for both lender and borrower By leaving your home immediately, you give your home to your lender without a fight. This is absolutely the worst possible thing to do. Even if you are not interested in keeping your home, this time can be spent towards building a nest egg which can carry you through the foreclosure process.

In Florida, a total of more than 46,000 were filed into foreclosure since 2006, estimated Todd. This is only the tip of the iceberg with the foreclosure crisis spinning out of control. With courts filled with current cases, it is not uncommon for a case to take years instead of months to be finalized.

Offering homeowners the chance to put away a few months of mortgage payments into their savings will offer many opportunities to move forward through the foreclosure process. By delaying your lender as long as you can, you are only helping yourself prepare for the future.

One example of this, quoted by Todd, is a Sarasota couple whom filed for a 45 day extension on their payment. Six months later the courts finally heard their reason on why they needed the extension.

If you are behind in your payments, you may want to look at how to stall your Lender and the the Loan Modification Process. After all, you owe it to yourself to take advantage of any opportunity which may keep your home.