Using Your Mortgage Company to Stop the Sheriff Sale
Using Your Mortgage Company to Stop the Sheriff Sale
At the end of the day, most mortgage companies do not want to foreclose on you and take your house. Foreclosure is a time consuming and expensive process for them. And most banks have more foreclosed homes on their books right now than they care to have. So how can that help you stop the sheriff sale on your home?
If you have not already, call your bank to explain your situation. They are likely looking for some key terms from you in order to help you. Things like "I lost my job," "I got divorced," "I had a major illness" are all reasons that they can put on their books as a cause of foreclosure and a reason to help you. Think about what has happened to you that has caused you to be behind on your mortgage payments and try to frame your situation so that it fits into one of the reasons why your mortgage company can help you. You might want to even ask them what situations qualify as a reason why they can work with you. The thing to keep in mind with all of this is that your bank is a corporation with policies and your situation has to fit into one of those policies.
If your situation does not fit into one of your bank's policies, you will have to find another alternative to stop the sheriff sale. If you think you could get the money together if you had more time, ask your bank if there is a way that they can delay the foreclosure sale. Be prepared to provide them proof of how you will get the money together.
If that does not work, see if they can do a deed in lieu of foreclosure. This basically means that you give the house to the mortgage company without going through foreclosure. It saves you from having a foreclosure on your record and saves the bank all of the costs associated with foreclosure.