During the foreclosure process, most homeowners wonder if they can extend the foreclosure sale date. And the answer is Yes. A foreclosure sale date is usually set after the homeowner has defaulted in payment. If the homeowner is not able to pay the mortgage payments, a date the mortgage lender establishes a sale date. If you want the sale date to be postponed, there are several strategies that you can do to extend the sale date.
There are a couple of ways to extend or even stop the foreclosure sale. Here are some options:
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. You can get a loan modification to get a new agreement with your bank, which means you will have lower payments with different terms. You will also need to display financial hardship. If the modification makes the new monthly payment within your budget, you will be able to remain in the home while meeting your obligations to your lender.
Filing for Chapter 7 bankruptcy will delay the foreclosure. You can use chapter 7 bankruptcy to save your home if your mortgage payments are up to date or don’t have much equity. If you want to keep your home, chapter 13, bankruptcy is a right choice. Chapter 13 bankruptcy allows the homeowner to reorganize their debts so that they can pay their loans at a convenient time.
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.
For information on foreclosure defense call us at (877) 399 2995. We offer litigation document review support, mortgage audit reports, securitization audit reports, affidavit of expert witness notarized, and more.
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