How to Stop the Foreclosure Sale - Is it Possible at This Point to Still Save Your Home?
You may have heard rumors that declaring bankruptcy can stop the foreclosure sale. This is technically not true in most States, and the ones in which is possible, you should know that the relief will only last for a few months, but at least will give you enough time to get back on your feet.
If you file for a Chapter 13 bankruptcy, you can request to have your mortgage loan be considered for repayment. Of course, bankruptcy has many downsides and attempting to settle on a repayment plan using other methods before to get to this point is a better choice.
Unfortunately if you're home will be up for sale soon, you are in a very tough position now. When the property is schedule for sale it means the property has been already foreclosed, and the judge already awarded the property to the Lender.
However, it is not yet gone, it's not over yet. You still have a few tricks up your sleeve. But remember at this point, it is a very difficult task; you're not fighting foreclosure anymore, now you are fighting to stop the foreclosure sale, and the only one who can stop the foreclosure sale is the Lender.
But at this point, you'll have to prove that you will be able to afford the payments. I've seen this done, but you have to remember that many lenders won't work with you at this point, but it worth the try.
Many homeowners don't know that they can purchase the home in the sales day, and even a much lesser price; but I assume that you may don't have the resources or the credit to do that.
It's important to know that; even if your home is sold on the sales day; even after that, you still have about six more months to come up with the money and recover your home.
I almost never recommend an attorney because most of the time, the things you can do to avoid or delay foreclosure you can do it on your own, however, at this point, to stop the foreclosure sale a competent attorney can be helpful.
Remember that in some States you can stop the foreclosure sale by filing for chapter 13 Bankruptcy, but in many others this is not possible.
Most attorneys will give you a free consultation to analyze your case. At this point, it would the smartest thing to do, if you already tried to negotiate with your lender and failed.
If your are facing foreclosure, but you are not yet at this point, you should go to my website immediately before you see yourself in this hard position.
How to Stop the Foreclosure Sale - Is it Possible at This Point to Still Save Your Home?. Retrieved January 16, 2009, from http://ezinearticles.com/?How-
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