How To Stop A Foreclosure Sale

At every point in the foreclosure process you have an opportunity to stop a foreclosure sale on your home. You simply have to know what your options are and be prepared to take whatever steps are necessary in order to save your home. More than likely this will mean doing things that make you feel uncomfortable.

If you want to stop a foreclosure sale on your home, you first need to gather some facts.

1. When is the sheriff’s sale date set for your home? You should have received legal documentation from your bank’s lawyers that tells you this information. The legal paperwork I received that had this date on it was called a Combined Notice of Sale and Right to Cure and Redeem. Under the Notice of Sale section was the information on when the sale date was going to occur.

2. How much money do you currently owe the bank? Simply adding up the payments that you owe the mortgage company is not going to tell you this. The bank has tacked on late fees, legal fees and possibly other fees as well. You can find out how much you owe by asking the bank what your loan reinstatement amount is. It will probably take them a few days to get back to you on this and chances are good that they will not even call you back once they have the numbers so make sure you call them a few days after you request this amount.

3. Is your bank willing to work with you to stop a foreclosure sale on your home? Unfortunately, the answer to this question may be no. It will depend on your bank and it will depend on your financial situation as well. The bank may not be able to workout an arrangement with you if your financial situation has permanently changed.

The answers to the above questions will determine what course of action is the best one for you in order to stop a foreclosure sale of your home, especially the answers to 2 and 3. If the bank is not willing to do a workout arrangement with you, that may mean you need to come up with the money to reinstate the loan. And here is where you need to decide how far you are willing to go to save your home.

If your bank is willing to do a workout arrangement with you, chances are good that you will need to come up with a fairly healthy sum of money upfront. Because if your home has gotten to point where a sale date has been scheduled, you are already in deep. If you want to stop a foreclosure sale of your home, you are going to need to find a way to come up with whatever is needed to save it.