How can I stop foreclosure?

Question by Laker Guy: How can I stop foreclosure?
I am getting an inheritance soon, but the probate is not done. The bank has a sale date for 3 weeks from now. Is there any way besides bankruptcy to postpone the sale of my house?

Best answer:

Answer by oncameratalent
Fax the probate documents to your bank immediately. Call and explain the situation to your bank. If there is a sale date already set, then chapter 13 bankruptcy may be your only option at this point. When you receive your inheritance, you can stop the bankruptcy and reinstate your loan. There are companies that do inheritance advance at a very high cost, but it may be an option. They can usually fund pretty fast, maybe in 7-10 days.

Here is a pretty good website about avoiding foreclosure. It has info about foreclosure lending scams, foreclosure timeline, some step-by-step things you can do to stop foreclosure, and some advice on how to delay the eviction process after a foreclosure sale:

http://how2avoidforeclosure.blogspot.com

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3 Comments/Reviews

  • foreclosurefish_com says:

    Here are your options. But try and ask the bank first of all to postpone the sheriff sale of the house. They can do that voluntarily. You might want to put in writing that you are expecting the inheritance, when it is expected, and how much of it you will be able to apply to the defaulted mortgage.

    1. Use your savings to get current.
    2. Set up a repayment plan with the lender.
    3. Work with the lender to modify the terms of the mortgage.
    4. Refinance with a lender who specializes in foreclosures.
    5. Get a partial claim if you have an FHA loan.
    6. Sell to an investor or friend/family member and rent it back.
    7. File bankruptcy to stop foreclosure.
    8. Sell at a short sale.
    9. Sell the property outright and ask for extra time to do so.
    10. Offer the bank a deed in lieu of foreclosure.
    11. Just walk away and start over.

    Hope that helps. Good luck.
    ForeclosureFish

  • diamond gal says:

    Try and find a private lender. It is legal and just like a real mortgage but it comes from a person or a corporation not a bank. However it is a quick fix and will need to be paid off within a year. Most of these mortgages come with an interest rate of 12%. If you need anymore help please feel free to contact me. I am in the mortgage industry and am very knowledgeable about all of this.

  • juannyv2003 says:

    I would call the bank asap. Often the bank will stop a forclosure if their is decent offer on the table because they truly do not want a foreclosure. In your case you will have to prove all over again that you can finance the property, thru financials, pay stubs and such. You will have to pay not only what you owe but attorneys fees as well. And during this time you are being charged a per diem amount as well. Best of luck.

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