Upside Down Mortgage
<< Previous    [1]  2  3    Next >>

Ways to delay Foreclosure

When you are upside down on your mortgage and you cannot afford future mortgage payments, you may be facing foreclosure. Luckily there are many ways to delay foreclosure. There are many reasons why you would want to delay foreclosure. If you are in the middle of a short sale process, for example, you may need more time to complete the real estate short sale, depending no how far along in the foreclosure process you are. For whatever reasons, knowing ways to delay foreclosure will come in handy.

Ways to delay foreclosure #1 : have the real estate investor call the bank

When you need more time to work on your bank short sale case, to stop the foreclosure process and remedy the situation, the first way to delay foreclosure is to call the bank that is doing the foreclosure. If you are working with a real estate investor, urge him or her to call the bank to buy time to give your mortgage short sale more chance of success.

If your trustee's sale is near, sometimes the real estate investor would not want to work on your short sale. They will say, there is not enough time. However, you will learn ways to delay foreclosure here and it is up to you to convince the real estate investor to call the bank on your behalf.

Ask the real estate investor who is working with you to call your mortgage company and ask them to postpone or cancel the foreclosure sale or trustee's sale or sheriff's sale so that the mortgage short sale can be completed.

Will the bank postpone or cancel the foreclosure?

Most of the time, when banks are convinced that a real estate investor is serious about purchasing your home and has put together a serious mortgage short sale package, the bank will grant the foreclosure extension. But, if the bank thinks you or the real estate investor are wasting their time, then they will not grant the extension of the foreclosure. The real estate investor who is working with you can call the bank to convince them that the short sale is legitimate. Sometimes, the bank will request the real estate investor's intention to purchase the home in writing.

<< Previous    [1]  2  3    Next >>