Once a foreclosure sale date is set, you can almost see an eviction notice following. As a homeowner, it is easy to give up at this point, but you shouldn’t. There are various options available for you to stop or postpone a foreclosure sale date in California. Consider the following actions and determine which is best for you:

• Reinstate your loan

If you’ve gathered enough money to pay off your loan, contact your lender immediately. Inquire about the total amount you have to pay off to have your loan reinstated. The reason is that apart from your loan balance, other charges would have been added as well, such as late fee charges and so on. Find out how much the new balance is and inform them of how much you have now. Many lenders will reinstate your loan if you can pay a lump sum, even if it does not cover it.

• Request for a loan forbearance agreement

Depending on your financial situation, your lender can grant you a period of forbearance. Most forbearance agreement comes in two ways; one is that your loan will be suspended for a set period until you can start making payments again. Another form of forbearance agreement includes a reduction in your monthly payment, which implies that you pay only a fixed fraction of the usual amount paid per month until you can start making the full payment.

• Refinancing your loan

Refinancing involves taking out a new loan to pay off your existing mortgage balance in full. Most lenders might be unwilling to help you refinance your loan. However, if you have a good credit score and a good income source, your request will be granted. There are also private investors willing to help you refinance your loan. Be careful of fraudsters, and do not enter an agreement without the involvement of your lawyer.

You can consider many other options, find out more, and stop the foreclosure sale date immediately.

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