Many homeowners believe once they’ve received a letter saying their home is being foreclosed on, all hope is lost and they have no recourse. This is not true. Sadly, some people even go ahead and move out once the letter arrives because the foreclosure sale date has already been set. As matter of fact many simply don’t know how to postpone a foreclosure sale date.
There are actions you can take to postpone the foreclosure sale date. My friend actually had his foreclosure date postponed 3 times after receiving his sale date. There are even some steps you can take without having to hire a foreclosures attorney. They’re at least worth a try.
Simply ASK for a Postponement
This is a logical step to getting your sale date postponed. Call up your mortgage company and ask them for it. Then make sure to keep in touch with them so the lines of communication remain open.
Many mortgage companies have websites that include assistance pages for those facing foreclosure. Visit these and see what steps are available for you with your particular mortgage company. It’s true that some mortgage holders are very cold and indifferent, but it’s also true that many of them are not. The smart ones understand how important ‘word of mouth’ advertising can be, and how effect compassionately helping out their customers is for earning trust and gaining future customers.
Check out a Government Program Called ‘Making Home Affordable’ (MHA)
If you have a mortgage and are unemployed, it could be you can find help by checking with MHA. They have a program known as ‘UP’ (unemployment program) that can get your mortgage payments reduced to 31% of your total income (this if if you or just your spouse is working), and they may be able to get your mortgage payment suspended altogether providing you are currently unemployed and have been so for 1 full year or more. If one of you is working they may be willing to work out a modification of your repayment schedule to keep you in your home.
Try Contacting NACA
It could turn out that you’re eligible for assistance from NACA (Neighborhood Assistance Corporation of America). This is a nonprofit organization that specializes in helping people stay in their homes or obtain a home. They are one of the ways my friend stopped one of his sale dates after he received a foreclosure notice. They are especially helpful for those who have been victims of predatory loan practices. If you bought a home and paid much more than what it was worth, they might be able to help. Or if you obtained a loan that was for more money than you could pay back, or were charged extremely high interest rates that were based on national origin rather than your credit history, they can help.
Never just ‘lay down and take it’ when you receive a foreclosure sale date. You have options – and the best way is to seek help from local foreclosure lawyers. A good foreclosure attorney can explain how to stop foreclosure in detail. Help is out there, go and find it instead of waiting for the bank to take your home.