How do I delay a foreclosure sale?
Just so, how do I delay a foreclosure?
You might want to delay a foreclosure to get more time to:
- try to work out an alternative, like a loan modification.
- sell your home, either in a short sale or for an amount sufficient to pay off the mortgage debt.
- refinance the loan, perhaps through a government program like the Home Affordable Refinance Program.
Furthermore, can you get an extension on a foreclosure? The good news is that you can petition the court to postpone the sale. This allows you more time to take further action, such as filing for bankruptcy or paying your delinquency. To file a motion to extend a sale date, you need the advice of a competent foreclosure attorney.
Also, how long do banks give you before they foreclose?
In general, lenders initiate foreclosure proceedings three to six months after you miss your first mortgage payment. Once you've missed payments for three months, you may be given a "Demand Letter" or "Notice to Accelerate" requesting payment within 30 days.
What happens on foreclosure sale date?
If, at the foreclosure sale, your house is sold to a new owner, that new owner will likely want possession of the property as soon as possible. You may receive a termination notice days or weeks after the auction or sale, just to get the process moving.