How do I postpone my foreclosure sale date?

How to Postpone a Foreclosure Sale

If you are facing foreclosure, there are several options available to you to delay the sale of your home. These options include:

Challenging the Foreclosure in Court

You can challenge the foreclosure in court by filing an answer in a judicial foreclosure or filing your own lawsuit to stop a nonjudicial one. In a judicial foreclosure, it is easier and less expensive to jump into the existing lawsuit with the help of a foreclosure lawyer. In a nonjudicial foreclosure, you’ll likely need to hire an attorney to help you initiate a lawsuit to challenge the foreclosure.

Applying for Loss Mitigation

Under federal mortgage servicing laws, if you submit a loss mitigation application to your servicer after foreclosure starts but more than 37 days before a foreclosure sale, the servicer can’t ask a court for a foreclosure judgment or order of sale until certain conditions are met. Some states also have laws that prevent a foreclosure from proceeding if the borrower submits a loss mitigation application. Applying for a foreclosure alternative may not buy you a lot of time, as the servicer must review your application within 30 days and can proceed with the foreclosure under certain circumstances.

Participating in Foreclosure Mediation

Several states and local court systems have set up foreclosure mediation programs that offer settlement conferences and mediation for people in foreclosure. Generally, the foreclosure stops while mediation is ongoing. You don’t have to hire an attorney to represent you in mediation, but you may use one if you want an advocate in the process.

Asking the Court to Postpone the Foreclosure

In certain cases, you might be able to get a judge to delay a foreclosure if you’re facing a significant hardship or have a lot of equity in the property. To get a judge to delay a foreclosure due to hardship, you’ll need to prove that you’re suffering a major financial problem that involves more than just losing your home. If you have a large amount of equity in the property, a judge might give you a short postponement so you can sell the property.

Sources:

• Delaying a Foreclosure Through Legal Tactics
• How Can I Delay a Foreclosure?
• How Do I Stop or Postpone the Foreclosure of My House?

FAQs

How can I challenge a foreclosure in court?

You can challenge a foreclosure in court by filing an answer in a judicial foreclosure or filing your own lawsuit to stop a nonjudicial one. In a judicial foreclosure, it is easier and less expensive to jump into the existing lawsuit with the help of a foreclosure lawyer. In a nonjudicial foreclosure, you’ll likely need to hire an attorney to help you initiate a lawsuit to challenge the foreclosure.

How can I apply for loss mitigation?

You can apply for loss mitigation by submitting a loss mitigation application to your servicer. Under federal mortgage servicing laws, if you submit a loss mitigation application to your servicer after foreclosure starts but more than 37 days before a foreclosure sale, the servicer can’t ask a court for a foreclosure judgment or order of sale until certain conditions are met. Some states also have laws that prevent a foreclosure from proceeding if the borrower submits a loss mitigation application.

How can I participate in foreclosure mediation?

You can participate in foreclosure mediation by contacting your local court or housing counseling agency. Several states and local court systems have set up foreclosure mediation programs that offer settlement conferences and mediation for people in foreclosure. Generally, the foreclosure stops while mediation is ongoing.

How can I ask the court to postpone the foreclosure?

You can ask the court to postpone the foreclosure by filing a motion with the court. In certain cases, you might be able to get a judge to delay a foreclosure if you’re facing a significant hardship or have a lot of equity in the property. To get a judge to delay a foreclosure due to hardship, you’ll need to prove that you’re suffering a major financial problem that involves more than just losing your home. If you have a large amount of equity in the property, a judge might give you a short postponement so you can sell the property.

What are some other options for postponing a foreclosure sale?

Other options for postponing a foreclosure sale include:

• • Contacting your lender and asking for a forbearance.

• • Selling your home short.

• • Filing for bankruptcy.

What should I do if I’m facing foreclosure?

If you’re facing foreclosure, it’s important to act quickly. You should contact a foreclosure lawyer or housing counselor to discuss your options. There are several programs and resources available to help homeowners avoid foreclosure.

What are the consequences of foreclosure?

Foreclosure can have serious consequences, including:

• • Losing your home

• • Damaging your credit score

• • Making it difficult to qualify for a mortgage in the future