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
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
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.