Sale Date Postponement
What is Sale Date Postponement?
A sale date postponement in foreclosure may be able to help offer homeowners facing imminent foreclosure with some extra time before the final foreclosure auction. This can be an invaluable tool for trying to negotiate a last-minute resolution with a mortgage lender or preparing to vacate the home.
Knowing how to attain a foreclosure sale date postponement may benefit distressed homeowners significantly who are pursuing a foreclosure defense option near their foreclosure sale date. It can be very difficult to accomplish, so homeowners may wish to speak with a foreclosure defense attorney for advice on available options to postpone a foreclosure sale date.
Sale Date Postponement Strategies
Sale date postponement strategies can differ based upon how much time is left until the foreclosure auction and/or the homeowner’s current financial situation.
Three sale date postponement strategies may include:
- Filing for bankruptcy – By filing for chapter 7 or chapter 13 bankruptcy, homeowners may be able to achieve a sale date postponement once the automatic stay goes into effect. It can be difficult filling out the bankruptcy petition, so homeowners may wish to speak with an experienced bankruptcy attorney.
- Mortgage Modification – A mortgage modification can occur when a mortgage lender agrees to adjust the terms of a mortgage outside of the original mortgage agreement. During this time, mortgage lenders may choose to delay or suspend foreclosure proceedings, but they are not always required to do so. Homeowners should consider asking for a written promise from their mortgage lenders not to follow through with foreclosure during mortgage modification negotiations.
- Redemption – A mortgage redemption essentially means paying off the entire unpaid mortgage balance. While this is typically an unfeasible option for many homeowners facing foreclosure, it may stop foreclosure proceedings entirely.
Sale Date Postponement Help
Homeowners who are looking for help with a sale date postponement may wish to seek counsel from an experienced foreclosure defense lawyer. In addition to being very familiar with the foreclosure process, these lawyers are generally very experienced in negotiating with mortgage lenders. Foreclosure defense lawyers may review a homeowner’s situation, negotiate with mortgage lenders for a sale date postponement and/or explore other foreclosure defense options.