How Can I Contest Or Postpone Sale In A Foreclosure With A Sale Date Pending?

From the question, what you want to do is stop the foreclosure process even though there is a sale pending on the property.

Then what you want to do is keep the property.

First you must cancel the transaction you are in if you can. The buyers may be very disappointed or rather infuriated at you for wanting to keep the property since you both want the house. The best way to get out of the transaction is to offer them some money to back out of their transaction. However if you are presently in foreclosure it is likely that money is the one thing you do not have. You can have your agent simply go to the buyers' agent and be totally honest about your desires and intentions. You would have to be prepared to be sued for "Failure to perform" since you clearly have a binding agreement.

Be prepared to hire an attorney because you may have backed yourself into a corner, considering that the purchase agreement is a binding legal agreement. All you can really do is be completely honest about the whole situation and hope and pray they will be gracious and understanding. But don't count on it; this kind of situation is the stuff of very ugly legal battles.

Next you must get on the phone with your lender and clue them in to your intentions. Right now there are so many lenders that are trying to bend over backwards to help people keep their homes especially with regard to the way things are happening with the economy and initiatives in Washington to help people keep their homes.

Check with your attorney with regard to your rights under your mortgage. It is likely that you have a "Right of Redemption" under the mortgage where you can mend your history with your lender in order to keep your house. Typically you may have up to a year to correct whatever situation brought you into foreclosure.

You have so many options in this state of the economy. You can request a loan modification or ask that your missed payments be added onto the end of your mortgage. You have to be rather tenacious and fearless so buck up for the process.

It is by far better for the lender and for you to keep you out of foreclosure. It costs lenders a terrific amount of money, $30,000 and upwards in legal fees to take you through foreclosure. So anyway you can stop foreclosure is the very best way to deal with this.

None of this is easy but it is possible. Be sure to document your communication with anyone involved in this with you. If you do end up in court, your documentation may save you untold heartache.