Do you know that once a foreclosure is filed, you have at least one option of stopping it?
A foreclosure is an outcome when the lender repossesses the mortgaged property when the homeowner defaults in payment. An essential aspect of the foreclosure process is the auction. The foreclosure auction mainly occurs at the end of the foreclosure process, after the lender completely repossesses the property. In this case, the lender markets the property to different buyers, and it is sold to the highest bid. Typically, a foreclosure auction works like this;
It is important to note that the closer the home gets to the foreclosure auction date, the more difficult it is for you to take the necessary action to prevent the sale!
Now that you have a better comprehension of how foreclosure works, there are several techniques you can adopt to stop foreclosure auction immediately.
Refinance the loan with another lender to pay off your existing loan. Getting a loan takes longer than a week, but providing a pre-approval letter to your existing mortgage company might get them to agree to delay the auction while you pursue the new mortgage.
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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