What Happens After a Foreclosure Delay?
The foreclosure process is a lengthy process that can be delayed at various stages by the lender and have varying outcomes based on the situation. Throughout the foreclosure process a lender must notify the borrower of the steps being taken to foreclose on the property.
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Reason
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Foreclosure delay can occur while the lender is reviewing the borrower's account. The account may be in review for alternative options to prevent foreclosure such as a loan modification, short sale or deed-in-lieu of foreclosure. Delays can also occur while paperwork or appraisals are being processed.
Outcome
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After a delay in foreclosure has ended, the borrower may be offered an alternative option toward avoiding foreclosure. If the foreclosure proceeds, the lender will be required to notify the borrower and the court system. In situations where a lender had canceled a previously scheduled auction, the lender will need to republish a notice of sale and request to have the auction rescheduled.
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