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Stop Your Foreclosure Sale Right Away

Jul 18, 2008
Earlier this year, it was predicted that 1.4 million homes will be up for foreclosure in 2008 alone. The drastic increase in foreclosures in the US is leaving many families to wonder what they can do to stop a foreclosure sale. For those dealing with foreclosure, it can be a tough problem. With time of the essence, you need to seek solutions to stop foreclosure right away.

If you are facing foreclosure, there is still hope. If you act fast to address the situation, you can prevent the foreclosure process altogether. Ideally, you should contact your lender prior to you get a "Notice of Default". It might be possible to solve the problem with your bank if you know your options and act fast.

How much time that remains to stop foreclosure is determined by your situation. If you have already received a notice of foreclosure sale, there are not many options still open to you. What is left to decide between are options like bankruptcy which each carry their own downsides.

Here's some common ways homeowners prevent foreclosure:

Foreclosure Arrangements with the Lender

The best way to stop foreclosure altogether is to negotiate directly with your lender for a mutually acceptable solution. A few common outcomes include repayment plans, loan modifications and short sales. To find out if this is the right solution for your situation, you must talk to the bank. Foreclosure specialists can be helpful if you'd rather leave the negotiations to the pros.

Filing For Bankruptcy

You may be aware that declaring bankruptcy can stop foreclosure. This is technically true, but you should know that the delay will only last a short while. Foreclosure may continue as soon as the bankruptcy court gives the lender permission to proceed. If you file for a Chapter 13 bankruptcy, you may request to have your mortgage be considered for repayment. Of course, bankruptcy has many drawbacks and attempting to negotiate a repayment plan in other ways may be a better choice.

Foreclosure Refinance Loans

If you have equity in your home, you may be able to find a bank or private lender to refinance your original loan. Bear in mind that you must be able to pay off the entire mortgage and any legal fees and penalties you may face. Refinance is a common option for many facing foreclosure, but it doesn't happen overnight and depends on how much equity you have.

A Deed in Lieu of Foreclosure

If you are in a situation where you can't continue to afford your home, you might be thinking about a "Deed in Lieu of Foreclosure". A deed in lieu of foreclosure is actually turning the home over to the bank. Although you lose the home, you can avoid a stressful foreclosure that has the same result.
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