Stop the Sheriff Sale



THERE IS NOTHING MORE DEVASTATING THAN RECEIVING SHERIFF’S SALE NOTICE!!!

In the foreclosure process, a sheriff sale is one of the most important events. Too often homeowners will have a reasonable solution to stop the foreclosure, but lack the time to do so. A postponement of the sale would give the homeowners the time to save their home and get their loan dispute settled. There are three common solutions foreclosure victims can use to have the sheriff sale postponed while they work on an alternative to foreclosure:

  • The best way to have a sheriff sale postponed is to simply ask the lender. This commonly overlooked option benefits both the lender and the homeowner¬† by giving them another chance to avoid the foreclosure process. Most of the time the mortgage company will request documentation that proves that the foreclosure victims are seeking a long-term solution, such as selling the foreclosed home, working out a foreclosure loan, or any other option that applies.
  • The most commonly overlooked option to postpone a sheriff sale is for the homeowners to request help from the county court system. The court can grant an automatic extension of the sale, giving the homeowners additional time to save their home. This is very useful even when the lender will not give the foreclosure victims another chance, because the court can override the lender’s decision. The homeowners will have to prove that they have a solution to foreclosure that they are working on in order for their request to have any merit.
  • A final way that homeowners can prevent the bank from selling their home is by pursuing a Chapter 13 bankruptcy to prevent foreclosure. This is usually the least desired option for most homeowners, as they would usually prefer an alternative to bankruptcy. Bankruptcy to stop foreclosure can give the homeowner another chance as well as more time to save the home while they are under the repayment plan that gives them protection under the law. Bankruptcy can be a very complex process, which is why any homeowner considering this option should consult with an attorney to determine if filing bankruptcy will benefit them. Although bankruptcy is not usually the preferred option, it presents another solution to saving the home.

These are the three of the most common options that homeowners have in foreclosure in order to prevent a sheriff sale. Asking the lender for a postponement is simple but it leaves the decision in the hands of the mortgage company. Using the court system is an overlooked option and gives the homeowners a chance to present their case to an unbiased third party that can grant an extension of the sheriff sale. The final option, bankruptcy, is often considered a last resort but can be used to save the home if no other choices are available. Any homeowner in danger of foreclosure should seek out as much  advice as they can in order to learn more about the foreclosure process and prevent the situation from getting to a sheriff sale.