A foreclosure sale date is usually written in the foreclosure notice you received. A foreclosure sale date is a day set for your home to be auctioned. A representative from your lender will meet with potential buyers, and bids will be offered. The highest bidder gets the house, and the sale will be concluded. However, there are instances where no bidder shows up, and the sale date has to be postponed. As a homeowner facing foreclosure, you should try your best to either stop the foreclosure sale date or delay it. You can go about many ways, but because a sale date is fixed doesn’t mean all hope is lost. Consider the following options to either stop a foreclosure sale date or postpone it:
If your state uses a non-judicial foreclosure process, you can file a lawsuit against your lender with any defense you have to prove their unfairness. The foreclosure sale date will be suspended or postponed until the case is settled in court. Even when you can’t stop the foreclosure, the period a court hearing is held can be used to seek other alternatives.
You must realize that your lender is not interested in taking your home from you; they only want their money back. So you can pay back all the missed payments with other charges incurred such as late payment charges, your loan can be reinstated. Most lenders only accept lump-sum payment. Therefore you can only use this option if you have the money and want to get back on track with your mortgage payments.
Refinance involves taking a new loan to pay off the existing one in full. Not all lenders are willing to help homeowners refinance their loans. However, some private investors are willing to help you refinance your loan. Although the interest rate might be higher than your current mortgage, it’s still an effective way to stop the foreclosure sale date.
Contact your lender to find out which of the options they can help with and take action immediately.