Homeowners in foreclosure, for one reason or another, often find
that they have run out of time to stop foreclosure before they have run
out of options that could save their homes. Often, this is due to one
plan falling through at the last minute, or a simple inability of some
foreclosure victims to make a decision on what to do to save their
homes. By the time they have decided which option would work best for
them, there is just not enough time to complete the method and actually
prevent the foreclosure. When this happens, though, homeowners will
often be scrambling around, looking for the most efficient way that they
can put the foreclosure process on hold or stop the sheriff sale.

The
fastest way to delay a foreclosure is to contact the bank as soon as
the homeowners know they may begin missing payments. By keeping in touch
with them throughout a financial hardship, the mortgage company will
often be willing to postpone certain dates, like the initial foreclosure
filing and the sheriff sale date. Obviously, this may not be applicable
for homeowners who have avoided talking to the lender throughout the
foreclosure process, but it is important to contact that bank as soon as
possible. The lender will not always respond negatively, and they may
be willing to work with the foreclosure victims to give more time or put
together a solution to foreclosure. The important thing is to call the
lender, though, and inform them of the situation and what is being done
to avoid foreclosure.

Two dates that lenders are often willing to
postpone are the sheriff sale date and the original foreclosure filing.
The bank may be willing to hold off on filing the actual foreclosure
paperwork, in order to give their clients more time to come up with the
money to reinstate the loan, or become qualified for an affordable
repayment plan or loan modification. Once the foreclosure is filed,
though, interest is often accelerated and court costs and attorney fees
are added into the balance of the loan, making it more difficult to
qualify for a solution.

We have discussed stopping a sheriff sale
in other articles and on our blog, so readers are referred to those
entries, but lenders will often delay a sheriff sale if there is a
reasonable solution being offered them. A thirty-day postponement is
often all homeowners need to work out a long-term solution to
foreclosure, and banks will be glad to avoid the foreclosure auction if
there is a good chance they will get the mortgage paid off in other
ways.

However, lenders are much more strict on the end of
redemption, unfortunately. They do not like postponing this important
foreclosure date, since they have waited such a long time to take the
property back in the first place. If the homeowners have been in contact
with them, though, they may be willing to provide more time to move
out, postponing the actual eviction process for a few weeks. This may
not help homeowners dramatically, and will not result in saving the
house, but lenders do not want to forcefully evict former clients,
either. Giving an extra couple of weeks to effect a peaceful transfer of
the property and prevent damage is in the bank’s best interests.

Unless
the foreclosure victims need more than a few weeks, though, it may be a
good idea to start looking for other places to live once the end of
redemption comes close. Obviously, the mortgage company will not let
them live in the house for a long time until their income recovers or
they can qualify for a new mortgage, since the bank will want to get the
property ready to sell to make back the money they lost on the loan
they made that went into foreclosure.

Often, the fastest way to
delay an important date in the foreclosure process is simply to keep the
bank informed and ask for more time, based on the chances for success
of the method being pursued to stop foreclosure. Gaining more time
during the foreclosure process can be an easy procedure or it can be
like pulling teeth, depending on how much communication there has been
between the homeowners and the lender. As early in the financial
hardship as is possible, foreclosure victims need to begin working with
their banks to find solutions to foreclosure, and work on various
options on their own, as well. Then, in the event a plan falls through
at the last minute, the bank will much more willing to put a hold on
things in order to give the homeowners, who have been working hard on
finding solutions, more time to complete a plan and save their homes
from foreclosure.