A foreclosure sale date is a day scheduled for interested buyers to bid on your home. Your lender will send someone to negotiate with potential buyers, and the best bidder will win. Your lender is required to keep you updated with the process. After defaulting on your mortgage payments, several notices of delinquent will be sent to you. If you do not take the necessary action within the time permitted, your lender can proceed to foreclose your home. You will be sent a foreclosure notice, including the foreclosure sale date and other important information. It is best to try all your best to stop the foreclosure before the scheduled sales date. However, if you missed your chance, don’t panic; you can still save your home.

Not all foreclosure sale date goes well. In some cases, no buyer shows up on the fixed date, and another day has to be fixed. Another scenario can be that no buyer offers the minimum acceptable amount on the house. The federal law mandate that the foreclosed home must be sold for at least two-thirds of the market value. Suppose no buyer is willing to buy the house at the fixed price or higher, the foreclosure date can be postponed. So how can you stop foreclosure after a sale date?

The only way you can stop foreclosure after a sale date is if the house has not been sold. You can use the time before the new scheduled sale date to file for bankruptcy or refinance your loan. You should contact your lender as soon as you find out that the sale date has been postponed. Inquiry if there are any options they want to consider with you. However, if a sale has been concluded, you can only save your home if your state has a redemption law. The redemption law allows you ten days to redeem your home, after which it will be impossible to do.

If your home is located in a state that does not have a redemption law, your best chance is to stop the foreclosure before the sale date. The reason is that you can never tell if a sale will be finalized or another day will be fixed.