Is Your Sale Date Close
If you suddenly find yourself facing foreclosure, especially a foreclosure sale date that is quickly approaching. You may tend to want to panic if you are not able to make your house payments and get out of foreclosure. Lots of times homeowner are not exactly sure where to turn to for help . Some may hire professional help such as a lawyer, a mortgage company, or realtor. The truth is that they are not the ones who have the authority to extend your sale date, neither is the foreclosure attorney who is handling the foreclosure sale.
If you call to the foreclosure attorney or the trustee assigned to handle the foreclosure, they will not respond to you with regards to changing your sale date. They work for the mortgage company not for you. You are probably living in the home that they are suppose to foreclosure on, and they will send you foreclosure notices or show up in court, but they do not and will not satisfy your requests as far as stopping the sale of your property. Your mortgage company is responsible for giving the order to stop a foreclosure sale on the property. They are unlikely to stop any foreclosure sale unless there is sufficient good reasons to stop the sale of any property in foreclosure. They view foreclosure sale as a necessary part of doing business. Remember, they often have investors to satisfied, employees to pay, and business expenses that all are affected by non-performing assets. They sometimes have to liquidate their toxic assets, which may mean liquidating your home. I know it is tough when it comes to your home and loosing it to any type of auction sale, but the truth is a lender will most likely not keep a non-paying homeowner on the property that will keep them loosing income due to opportunity costs. They are most likely to sell the property in an attempt to stop any further financial losses of their assets. You might be thinking, isn’t a foreclosure sale the last option in most case, and that is true to an extent. Lenders tend to loose money in many foreclosure sales, but if they can rid themselves of toxic assets before the situation potentially gets worst; they will do that sometimes when their backs are against the wall and there are not better choices.
To stop a foreclosure sale of a property requires good enough reasons. The most common reasons why your lender may stop your sale are:
The Homeowner is now willing or now has the ability to pay on his mortgage
There might be a pending loan modification in progress
There may be a major dispute with the account or some kind of error
Sudden Financial changes
Homeowner files bankruptcy
The Homeowner now wants to do a Short Sale
The Homeowner wants to do Settlement of the account
The Homeowner wants to do a Deed-in-lieu of Foreclosure
The key thing to remember is that the lender or the mortgage company is the authority in charge that give the red light to stop any sale of the property to the foreclosure attorney. If they step in, it is then postponed or completely removed from the property. A homeowner can talk to the foreclosure attorney until they are “blue in the face” and get nothing accomplish, because the mortgage company is the one that is paying the foreclosure attorney, not the homeowner. The attorney is just doing his/her job by keeping the foreclosure sale date in place. So the foreclosure attorney really can be blamed for the sale, they are just doing what they were paid to do. Your lender is the real decider of the outcome of your property. Like I have always said, always talk to your lender 1st before talking to anyone else. You will be amazed by how much you can do on your own with simple communication. It does not have to take a fancy lawyer or mortgage company to get things done for you, you can do it on your own. A lot of common answers can be found on this site, and others places too.
