Time to take action if you’re still looking to save your home from foreclosure! Two of the largest mortgage lenders, GMAC and JPMorgan Chase, have stopped foreclosure proceedings in states that require foreclosure to be approved by a court, according to The New York Times. (States include: Connecticut, Delaware, Florida, Illinois, Indiana, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Nebraska, New Jersey, New Mexico, New York, North Dakota, Ohio, Pennsylvania, South Carolina, Utah and Vermont).

Seems employees at these and other mortgage lenders lied on their affidavits – saying they had personal knowledge of the facts in the case They were each signing about 10,000 affidavits a month, so there was no way they had personally reviewed each case. Lying on an affidavit is enough to get the foreclosure proceeding tossed out.

Hundreds of thousands of foreclosure cases may be involved. If you’ve already lost your home, you may be entitled to compensation OR you may be entitled to take possession of your home again. Rental properties that were foreclosed are also involved.

By stopping the clock on foreclosure, the courts may be giving homeowners a chance to stay in their homes without making payments for a few more months, or even years. If you are faced with this situation, you may want to think before you start throwing money willy-nilly down the black hole that is your mortgage.

Instead, use this opportunity to get your financial house back in order. Look at what you consider “essentials” and eliminate everything you can in order to build up a financial nest egg. Look at what you owe other creditors and create a repayment plan and start repairing your credit score. Take in renters if at all possible to generate additional income you can use for building your savings and for paying down debt. But do it in a balanced way. Create a lifestyle change with the relationship you have with money. And if things look extremely bleak financially get a bankruptcy consultation and start to explore your different options and strategies to see what’s going to be in your best financial interest.

Resources you may find helpful in this process:

1. Heal Your Relationship With Money E-book and Workbook – created with a psychologist, the workbook helps you delve underneath your surface beliefs about money so you can reveal what’s really behind the way you relate to money – and helps you start healing those areas!

2. Break the Debt Cycle For Good! workbook and CD – includes information on how to create a debt repayment plan that truly works for you rather than for your creditors. $24.95 (save shipping and get the instant download version!)

3. How to Manifest the Right and Perfect Buyer For Your Home – tele event will be recorded LIVE on October 7, 2010. You can attend and ask your question live at Noon EST or 9pm EST OR you can register to get access to the audio file. Any of the above options are just $19.97. Paula combines practical strategies with metaphysical tools to get the energy moving around your home. Who knows – the right and perfect buyer for your home may actually be YOU.

4. How to Know if It’s Time to File Bankruptcy – 12 page report helps you discover whether or not bankruptcy might be in your best interest, or if there are other options that would be better for you.

5. Considering Bankruptcy Consultation – Through pointed yet compassionate questioning, Consumer Bankruptcy guru Paula Langguth Ryan helps you gain clarity about the true nature of your financial situation. You’ll uncover the strategy that makes you feel most comfortable. You’ll then be armed with all the information you need to make an informed decision for yourself.

RealtyTrac’s Foreclosure Law Comparisons: Gives you important information about how long the foreclosure process should take in your state.