Upside Down Mortgage
 
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Ways to delay Foreclosure

Ways to delay foreclosure tip #1: get it in writing and fax the attorney

Once the foreclosure extension has been granted, you need to make sure it is in writing. Verbal agreement by the bank officer to delay the foreclosure of your home is not good enough. An experienced real estate investor in short sale should know to get all bank agreements in writing. If the real estate investor has not done so, you need to make sure it is done. Keep a copy of the foreclosure extension agreement for yourself.

Sometimes the bank forgets to notify the attorney in charge of your foreclosure and your home is still scheduled to be auctioned to the highest bidder. You should not rely on the bank to do its job or the attorney to know that your house is off the foreclosure auction list, or that the real estate investor has notified the attorney for you. You can ensure that your house is no longer on the list of foreclosure sales by faxing the bank's agreement to grant you the foreclosure extension to the attorney in charge of the trustee's sale of your property.

Can my real estate property still be auctioned off even if I get the foreclosure extension from the bank?

Unfortunately,  yes. Even if you and your real estate investor managed to get the bank to agree on an extension so that the short sale can be completed, if the house somehow does go to auction and sold to the highest bidder, you will lose your house. So, make sure that your house is off the Sheriff's auction list!

What happens when my house is sold at a sheriff's auction sale when it is not supposed to?

Once your house is sold at a Sheriff's auction sale, even if it is not supposed to, you are out of luck. There is nothing you can do about it. Once the property is sold to the highest bidder, it is a done deal. Sure, you can call the bank and complain but the chances are that it won't do you any good.

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