Many homeowners believe once they’ve received a letter saying their home is being foreclosed on, all hope is lost and they have no option to turn it around. Some people even make an effort to move out once the letter arrives because the foreclosure sale date has already been set.
Some folks are not aware of the fact that home foreclosure can actually be stopped or postponed. Experienced foreclosure attorneys know how to stop a foreclosure sale date and even postpone a foreclosure sale date if that works better for your life situation.
How to Stop Foreclosure Sale Date
When looking to stop a foreclosure sale date, the first course of action is to remain calm and realize there are many options available.
- Contact lender for mortgage statements and ask for forbearance.
- Decide if you want to pay the balance or refinance.
- Challenge the foreclosure with a lawsuit.
- File for bankruptcy.
- Offer the house up for a short sale.
These are just a few approaches that obviously require more detail and activity to achieve the goal of stopping a foreclosure. However, it gives you an idea of the variety of possibilities available for keeping your home despite receiving a notice of default letter.
The best way to know what option is viable for your life situation is to consult with an experienced law firm with a previous track record of helping families save their home from foreclosure.
Our law firm is available to offer a FREE CONSULTATION when you are ready. Call us at 818-254-8413
There are options you can take to postpone foreclosure date. Homeowners can postpone their sale date multiple times. There are even some steps to stop a foreclosure sale date but the best tactic is to let the expert help you, hire a foreclosures attorney.
Options that can Postpone a Foreclosure Sale Date
♦ Simply ASK for a Postponement
This is a logical step to getting your sale date postponed. Call your mortgage company and ask them to postpone the sale date. Then make sure to keep in touch with them so the lines of communication remain open.
Many mortgage companies have websites that include assistance pages for those facing foreclosure. Visit these and see what steps are available for you with your particular mortgage company. It’s true that some mortgage holders are very cold and indifferent, but it’s also true that many of them are not. The smart ones understand how important ‘word of mouth’ advertising can be, and how effect compassionately helping out their customers is for earning trust and gaining future customers.
♦ Filing Bankruptcy
A Chapter 7 bankruptcy and Chapter 13 bankruptcy (one in which you are looking to discharge, as opposed to restructuring, debt) may buy you some time, but eventually, the foreclosure process will continue.
Chapter 7 bankruptcy, seeks to discharge all debt. A Chapter 13 bankruptcy (BK-13), by contrast, seeks to establish a manageable debt repayment plan. Once a BK-13 has been filed, the foreclosure process automatically stops — immediately. Under a BK-13 plan, the homeowner must continue to make monthly mortgage payments to the lender, while paying any past due amounts to a court-appointed bankruptcy trustee.
If you choose to sue your lender, a judge may grant you a preliminary injunction. This will prevent the lender from foreclosing on your property while the lawsuit is ongoing. Should you fail to win, however, the foreclosure process will continue.
♦ Short Sale
If you owe more on your property than the current value of the property, a short sale may be an option. In a short sale, the lender agrees to take possession of the property and, in exchange, forgives all additional mortgage balances owed on the property. The borrower must be able to prove that they cannot afford to repay any additional loan balance. While a short sale is being negotiated, the foreclosure process will be postponed.