How to Stop a Foreclosure on a Trustee Sale Eviction
Homeowners may face events beyond their control that can make it difficult to pay mortgage payments on time. As stressful as this can be, the key to stopping a foreclosure begins with contacting the lender as soon as possible, before the foreclosure process starts.
Unfortunately, there is no quick fix to avoid foreclosure other than maintaining monthly mortgage payments. However, if a foreclosure is already in progress, stopping it can be difficult, but not impossible. Even if the home is ready for the trustee sale, which means it will be sold at an auction or sheriff's sale with eviction shortly following, there still may be a chance to save the home if the homeowner acts immediately.
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Things You'll Need
- Lender Phone Number
- Counselor from Foreclosure Help Organization
- Foreclosure Attorney
Instructions
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Call the lender and ask what you can do. A lender wants to avoid foreclosure as much as you and begins the process as a last resort. There still may be time to workout an alternative, such as a repayment plan or a loan modification, which lowers your monthly payment and cures any delinquencies on the account. You can also ask about a short refinance, which discounts the amount you owe.
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If moving is an option, consider alternatives to foreclosure such as a short sale, where the property is sold for less than is owed, or a deed-in-lieu of foreclosure, where you give back the property to the lender in return for their forgiveness of the debt. Both of these solutions may be looked upon more favorably on your credit report than a foreclosure.
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Contact a foreclosure help organization such as Hope Now to see if you qualify for assistance. Created as an alliance between mortgage companies and the government, Hope Now's goal is to help keep homeowners in their homes. Hope Now can be reached at 888-995-HOPE or www.hopenow.com.
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Contact an attorney who specializes in the foreclosure process. An attorney will have a solid understanding of the foreclosure laws in your state and what you can do to stop or slow the foreclosure.
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Tips & Warnings
Learn your rights and arm yourself with as much information about the foreclosure process as possible.
If foreclosure is the only solution after all possibilities are exhausted, ask the lender about the "Cash for Keys" program, in which the lender pays cash which can be used for moving or starting over in exchange for the promise to leave the house in good condition.
Be on the lookout for foreclosure scams. Help is always free through organizations such as Hope Now, so be careful of rescue plans or loan modification plans that charge a fee.
