A foreclosure postponement may be able to temporarily delay foreclosure proceedings in order to provide distressed homeowners with some additional time before the foreclosure sale date. This extra time can be critical in helping homeowners bring their mortgage loans current or preparing them to leave the home.
Homeowners may benefit greatly by learning as much as possible about how to get a foreclosure postponement since it can be difficult to achieve. Additionally, foreclosure defense attorneys can be a tremendous resource in trying to postpone a foreclosure sale date.
Foreclosure Postponement Techniques
Foreclosure postponement techniques can vary greatly based upon a homeowner’s current economic situation, how they have responded to the foreclosure proceedings and how far along the homeowner is in the foreclosure process.
Three Foreclosure postponement techniques can include:
- Mortgage Redemption – A mortgage redemption can occur when a homeowner pays off the mortgage in full. Mortgage lenders may be able to deny a mortgage reinstatement, but typically they cannot deny a mortgage redemption.
- Loan Modification – A loan modification can occur when the original terms of the mortgage agreement are modified. This can help to reduce interest, monthly mortgage payments and principal. During loan modification negotiations, many mortgage lenders are willing to postpone a foreclosure sale date, but they may NOT required to do so. It can be important for homeowners to seek a written agreement from mortgage lenders promising not to move forward with a foreclosure sale during loan modification negotiations.
- Bankruptcy – Filing for bankruptcy can potentially postpone a foreclosure auction, typically once the automatic stay goes into effect. Homeowners who are considering this option may wish to an experienced bankruptcy attorney to determine when to file bankruptcy and what chapter of bankruptcy to file.
Foreclosure Postponement Help
If you need help with a foreclosure postponement it can be highly beneficial to enlist the help of an experienced foreclosure defense attorney. These attorneys are typically very experienced in dealing with mortgage lenders and the foreclosure process. Foreclosure defense attorneys can review a homeowner’s situation, negotiate with mortgage lenders for a postponement and review any other foreclosure defense options.