How Can I Contest Or Postpone Sale In A Foreclosure?

Postponing the sale of your home during foreclosure can buy you time to find yourself a new place to live or even perhaps come up with the means to make payments worked out with the bank. There are a few things you can do when you're going through foreclosure to stall the process.

The first thing you should do is ask the lender to postpone the sale of your home. This is often granted because the lender is hoping that you will be able to find your way out of foreclosure and come to a payment agreement. You may be asked to do a loan modification to show that you're willing to renegotiate your loan.

Next you can petition your county court for more time to stop the foreclosing of your home. This will often work when the lender itself is not willing to do so. You'll have to give the county proof that you're working to stop the proceedings completely however, such as a program or loan modification.

If these methods fail to work you can file for a Chapter 13 bankruptcy, which is a last resort. This option will allow you to save your home by making payments under the bankruptcy payment plan. Although bankruptcy is a lengthy and credit-damaging process, it may provide you the ability to save your home. You should consult with a lawyer to decide if this last option will help you.

The last suggestion to postpone foreclosure and sale of your home is asking for the original note proving that you owe the money. Having the original contract is a legal requirement for a bank to foreclose on your home and prove that you do indeed owe the loan they're claiming you've defaulted on. This isn't a sure way to postpone foreclosure but it may buy you time.

At least one of these methods may buy you the valuable time you need to stall the sale of your home and give you the chance to make a loan modification and keep your house. While the first two options cost you nothing, consider carefully whether filing for bankruptcy is going to help you and is worth it to you.