subject: How to avoid foreclosure, post pone a sale date and stay in your home [print this page] How to avoid foreclosure, post pone a sale date and stay in your home
I'm facing foreclosure and need to know my options?
- Apply for a loan modification HAMP program
- Repayment plan
- File for bankruptcy
- Hire an Attorney
The above are only some of the options if you want to keep your home, if you are looking to sell your home you may want to do a short sale or give the house back to the lender, called a deed in lieu.
If keeping your home is the option you want then applying for a loan modification is your best hope for a solution.
What do I do if I have a sale date? If you have received a notice of an auction date or a sale date for your home, you should contact your lender or seek legal advice by hiring an attorney. If you cannot hire an attorney to help postpone the sale date you can contact your lender and ask them to postpone the sale date so you can apply for a loan modification.
What if I'm in review for a loan modification but have a sale date? Usually if you are in review for modification assistance and the lender has not made a determination, they will most likely request to have the sale date postponed. However, there is no guarantee you will get approved for a postponement or for a loan modification. It is best to have an alternative in case you do not get approved for the loan modification or postponement.
Once you fall behind it is important to know the time line in your state as to when the foreclosure process starts, you will want to know if your state is a non judicial or judicial state. What is the difference?
- Non judicial state is: A foreclosure processed without court intervention, with the requirements for the foreclosure established by state statutes. When a loan default occurs, the homeowner will be mailed a default letter, and in many states, a Notice of Default will be recorded at approximately the same time.
- Judicial state is: Judicial foreclosures are processed through the courts, beginning with the lender filing a complaint and recording a notice of Lis Pendens. The complaint will state what the debt is, and why the default should allow the lender to foreclose and take the property given as security for the loan.
