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How to Legally Avoid or Delay a Foreclosure Sale?


Around the country, an increasing number of homeowners are going through foreclosure or facing the prospect of losing their home as a result of foreclosure. While the prospect of losing the home that you have worked for all of your life can certainly be frightening, some homeowners have found ways to delay the foreclosure process and gain time to work out a compromise that will allow them to remain in their homes. While the idea of delaying a foreclosure might at first seem as though it would be unethical, there are actually several techniques which can be used to delay a foreclosure sale for as long as possible and which are completely above-board.

One way in which you can delay possible foreclosure is by reducing all possible costs. As soon as you realize that you may be in danger of defaulting on your mortgage, you should begin looking at ways in which expenses can be reduced. Some homeowners have even resorted to taking in roommates in order to bring in extra money to meet their mortgages.

Another option would be to try to work out a negotiation with your lender. Contrary to popular belief, your bank certainly does not want to foreclose on your home. After all, banks are in the business of lending money, not selling homes. The last thing they want to do is take back your home. To avoid that prospect, many banks are willing to work out compromises with their customers that will allow them to consolidate loans, reduce payments and refinance mortgage loans all in an effort to avoid foreclosure. The main key to succeeding with this method is to take action as soon as you realize there is a problem. One of the most common mistakes homeowners make is in waiting and hoping the problem will simply go away. Unfortunately, it does not and the problem only grows worse. Do not make the mistake of waiting until you have missed multiple payments. The chances of your lender being willing to work out a compromise with you will be much greater if you alert them to a problem earlier rather than later.

In some instances it may be possible to avoid or delay foreclosure by looking for technicalities that may exist in your original mortgage instrument. The guidelines regarding this method may vary, so you may wish to consult an experienced attorney, but depending upon the circumstances it may be entirely possible to gain some valuable time by scouring your mortgage document for possible technicalities.

Another option you may wish to consider is challenging the actions of the bank. One of the reasons this technique can work is that foreclosure is a legal process and in order to proceed, all documents must be formally acknowledged with a legal signature. You might also consider sending the lender a letter documenting the financial hardships that have led to your inability to meet your mortgage obligations. This may or may not prove to be successful, but at the least it may be able to buy you some time.

Other homeowners have found it advantageous to consult with an experienced bankruptcy attorney on foreclosure. This can sometimes work in terms of delaying a foreclosure because bankruptcy cases will supersede foreclosure cases. Once your bankruptcy case has been filed, the lender will be prohibited from making any further collection attempts and will also be prevented from trying to evict you from your home. Keep in mind that the guidelines regarding bankruptcy law can and do vary among the states. This is why it is critical that if you consider filing for bankruptcy, you should consult an experienced attorney before doing so. Also, you should bear in mind that bankruptcy will not absolve you of all financial obligations; either for your home or other bills. There may still be long-term consequences of filing bankruptcy and there is also no guarantee that you still will not lose your home.

Ultimately, foreclosure is a very serious issue and you should proceed carefully and only utilize methods that are ethical in trying to stay in your home for as long as possible. In some instances, depending upon your personal circumstances, it simply may not be possible to avoid the loss of your home through foreclosure. Investigating various ethical and legal options can help you to buy time, which can assist you in finding a way to either stay in your home or to exit it with as much dignity as possible.


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