Many homeowners that are in foreclosure wonder if it is possible to extend a foreclosure sale date. An auction date is usually set after a borrower is pretty far behind in payments. If the borrower is not able to pay off the amount of the delinquency, a date for the foreclosure auction will be established.
You will find information about foreclosures below that will be useful if you are facing foreclosure.
Foreclosure Sale Date Extension
There are a couple of ways to extend or even stop the foreclosure sale. Here are some options:
- Ask for a loan modification – Once an auction date is set, lenders are not required to postpone an auction. However, most lenders will agree to work something out. Be aware that applying for a loan modification does not mean that the bank will not foreclose. The mortgage company can deny the request to modify your loan and continue with foreclosure proceedings.
- Redeem the mortgage – A mortgage redemption is different than reinstating your mortgage. To redeem the mortgage means to pay it off in full. Most of the time, a bank will not let you reinstate the mortgage once a sale date has been set, but they will allow you to redeem it by paying in full.
- File for Bankruptcy – Filing for bankruptcy, even days before a sale date, will stop the sale. The bank might be able to go ahead with the foreclosure with a court order, but that will take some time. So, you will at least have a couple of months or so to decide if you want to keep the house if you file bankruptcy. Plus, a bankruptcy will help you get a fresh start if you do choose to give up the house. You will emerge from bankruptcy debt-free in most cases.
- File a lawsuit – If you feel that you are wrongly foreclosed on, you can file a lawsuit to stop the sale from taking place. A foreclosure attorney can help you fight the foreclosure in court.
These are just a few of the ways that you can postpone a foreclosure. Talk to an experienced attorney for additional options.
Foreclosure Sale Date Postponed
There are several ways that you can delay a foreclosure. It is important to understand the foreclosure process if you are at risk of losing your home. This can help you postpone or even stop it from happening. Here are some of the most common ways to end a foreclosure sale:
- By court order – If a court orders the mortgage company to stop foreclosure proceedings, the bank must immediately stop them. There are many different reasons a judge may order a foreclosure to be postponed or ended. If the bank has not followed the proper procedure to foreclosure, then a judge may decide that the foreclosure is not valid.
- Agreement – Sometimes a bank will agree to stop a sale under certain conditions. For instance, if a borrower can bring the loan completely current and pay back any associated fees, the bank may halt the sale.
- At the discretion of the trustee – A trustee will be appointed to be in charge of the foreclosure sale. They can postpone it at their discretion.
Just because a foreclosure sale is postponed, does not mean it won’t take place. If you want to stop a foreclosure from occurring, it is best to talk to an experienced foreclosure attorney.
How To Stop Foreclosure At The Last Minute
No one likes to confront a foreclosure at the last minute. Sadly, this is a problem that many Americans have to face. Even if you are right at the last minute, there are some actions that you can take to buy some time or even stop the foreclosure. If you find yourself in this situation, you have several options.
Consult with a Foreclosure Attorney
This is an excellent option for stopping a foreclosure at the last minute. A foreclosure attorney can help you fully understand your rights and options. They have the knowledge and experience to provide you with the best results. A lawyer might be able to work out a deal with the bank to save your home or even sue the bank in court to prevent them from selling your home. There are many options available, but the best solution depends on your particular situation, which is why it is best to seek legal representation.
Motion To Extend Sale Date
You might be wondering if there is any way to buy more time if a sale date has been set by your mortgage company to auction your home as part of a foreclosure. The good news is that you can petition the court to postpone the sale. This allows you more time to take further action, such as filing for bankruptcy or paying your delinquency.
To file a motion to extend a sale date, you need the advice of a competent foreclosure attorney. Courts usually have specific rules for filing motions. If you are down to the last minute in regards to a foreclosure, you really can’t afford to make a mistake when filing a motion. This could cost you much more in the end than what an attorney would charge.
What Does A Foreclosure Sale Date Mean?
If you don’t make your mortgage payments as agreed each month, your lender will take action to repossess your home. This process is called a foreclosure. At the end of the foreclosure, the bank will sell your property at an auction.
Before the bank sells your home, a date for the foreclosure sale will be set. Even if you can no longer afford your home, letting the bank foreclose is a terrible idea? Why? Not only will you lose your home, but you will have to pay additional fees. So, even if you lose your home, you will still owe the bank money on your house after the sale. The bank has a right to sell your home if you fall behind and still hold you responsible for any deficiency between the amount that your home is sold for at auction and the amount that you still owe on your mortgage. Also, as if that is not bad enough, your credit will be shot after the process is over.
So, what can you do to prevent a foreclosure sale date? It is to your benefit to speak with an experienced foreclosure attorney. They can help you understand your legal rights and help find a solution that will benefit you.
What Happens On Foreclosure Sale Date?
Defaulting on your mortgage will result in a foreclosure. When this happens, the lender will sell your property at auction. Before this happens, you will have the opportunity to remedy the situation and save your home.
Your lender will send you an initial Notice of Default indicating that you are delinquent. At this point, you still have many options to save your home, including renegotiating the terms of your mortgage, agreeing to a workout plan with your lender and bringing the loan current.
If you do not quickly remedy the situation after the Notice of Default, then the lender will file a Notice of Sale. This states the date and location of the foreclosure sale. You can save your home right up to the last minute. Solutions may be available to you to help you avoid losing your home. However, you need the advice of an experienced foreclosure attorney. Otherwise, your home could very well be auctioned off to the highest bidder, which is embarrassing, stressful and will have long-lasting consequences.