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How to Postpone Your Sheriff’s Sale With or Without the Bank

One of the most legitimate concerns homeowners have about foreclosure is how long they have to save their homes. This is such an important issue that many homeowners simply give up their homes and move out long before their time is up. They just assume the sheriff will show up any day and kick them out! Unfortunately, this is a dangerous assumption, and homeowners often have more options than they might think possible to increase the time they have available.

In fact, it is reasonable to state that any homeowner can stop the foreclosure process at almost any time up to the date of the foreclosure sale. Of course, if that date is on the horizon or coming up in the next few weeks or months, then there’s still some time left, but foreclosure victims need to get something organized pretty quickly. Stopping a sheriff’s sale is critically important if there is a realistic plan to save the house and pay off the mortgage or restore payments. A judicial auction will nullify almost any plan that was in the works prior to the auction.

It is also important to note that the bank will not accept just a regular payment once the house is in foreclosure, nor will they accept any form of partial payment. The lender will most likely demand the full amount past due at this point, unless he is willing to work out some sort of payment plan with the homeowner. This is one of the reasons homeowners, as soon as they have recovered from a financial hardship, should call the lender to find out exactly what plans they can offer and how much money they will have to shell out to start a plan.

But, if the bank doesn’t agree to a forbearance agreement or other plan, there are some other ways to stop your foreclosure date that don’t involve direct intervention from the mortgage company. Sometimes homeowners need to take control of their home and seize other opportunities.

First, homeowners can simply file for Chapter 13 bankruptcy to avoid foreclosure. That puts all collection efforts by creditors (including collection attempts by the mortgage company) on hold while the court system deals with the debt. You can stop a foreclosure sale the day before the sale and it could work as a last ditch effort. Although not the best way to stop foreclosure, homeowners should consider it if they are short on time. In many cases where homeowners are running out of time, no other way to postpone the auction will work.

Second, just paying the full amount behind will reset the mortgage. It will bring the loan status back to “current” and end the foreclosure process. If there are no arrears, and no part of the loan is in default, the bank cannot proceed with the foreclosure. Admittedly, this is also the most unlikely scenario presented here, mainly due to the bank’s unwillingness to find a solution and the fact that they typically add thousands of dollars in late fees, interest, court costs and attorneys’ fees to the total. amount needed to reinstate the loan. But if homeowners can come up with the money, they can save their home right away.

Lastly, going to court and asking the judge to order the lender to try to work something out is always a possible solution. However, very few homeowners take advantage of this opportunity, simply due to an (ir)rational fear of the legal system. But the judge can order the bank to consider a payment plan or offer some other resolutions in addition to continuing the legal process of foreclosure of the home. The judge can also stay the bailiff’s sale, since the bailiff is the one who orders the sale in the first place. In fact, the judge wields an enormous amount of power over the bank, for some unknown reason, but the owners can use this power in self-defense, if necessary. Passing up this option is a big mistake for homeowners trying to avoid foreclosure.

The bottom line is that foreclosure is never inevitable once it starts. To ensure they have the best chance of saving the home, foreclosure victims simply need to take advantage of the options available and make sure they can make the payments on time again, or raise the money for restitution, or have enough time. to look into an option like a foreclosure refinance or a sale. Having a sheriff’s sale scheduled is obviously a big hurdle, but homeowners have more options than they think to get the time to work on a foreclosure solution.

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