The Lender and the Trustee make the decision as to whether or not they want to delay our foreclosure sale.
On the date and time of the trustee sale auction, one of four things may occur with the property:
1.The auction for the particular loan may be cancelled.This may occur because the property was sold before the auction, and therefore the loan was repaid (or partially repaid in the case of a short sale); the owner was able to refinance the loan; the owner came up with the cash to bring the loan current; or, there may have been an error made in the sale process, and the trustee has decided it would be better to restart the process.
2.The auction may be postponed to a later date and time. Common reasons for postponement include: mutual agreement, where the borrower and lender agree to delay the sale; beneficiaries request, where the lender decides to postpone; trustees discretion, where the trustee decides to postpone, often because it canâ€™t reach the lender for bidding instructions; bankruptcy, which actually doesnâ€™t completely stop foreclosure, but instead puts a temporary stay on the sale until the lender can get a motion granted by the judge allowing them to continue the sale; and operation of law, where a court has ordered that the sale not be held.
3.The property may be Sold to 3rd.The loan being foreclosed on was offered for sale by the trustee, and a bidder (other than the lender) ended up purchasing the loan.
4.The property was Sold to the Bank.Remember that it is the trustee, not the bank, that sells the home. Since the lender clearly has the most to lose in the transaction, and because they are the beneficiary of any funds received from the sale, they are allow to place the first bid, and are allowed to credit bid (bid without bringing cash to the sale), up to the amount they are owed.
However, you have a few options to help stop your trustee Sale
1) Declare a bankruptcy for the purpose of delaying the sale (or you may to go through with it )
2) File a civil action and get a Temporary Restraining Order.
3) Develop a pro-active foreclosure litigation strategy â€“
4) Challenge/Subpoena the Trustee â€“ Trustee Sale Verification
If you have any questions, please feel free to contact me via phone or email.
Is this a bankruptcy case number? While you are in active bankruptcy the bank cannot foreclose on you. However keep in mind that there are many scams out there people claiming they can stop your foreclosure. The truth is you will need to show the bank that you can continue to make payments for a loan modification. Have you contacted your lender to see if there are any options for you? Also if you filed bankruptcy your attorney may be able to answer these questions for you.
And you don't have a job? still? You are asking for a free ride. Sure, you can file bankruptcy. If you don't have a job, that's only going to delay the inevitable for about 60 days. You can't file a chapter 13, you will be required to file a chapter 7. In a chapter 7, you either bring it current or lose it. You can't force a loan modification and no one will (or should) give you a modified loan withouth income.
Sorry, I know it's not what you want to hear but it's what you need to hear.
We can reduce your loan down to 95% of Current Market Value and give you a new loan. We'll also clean your credit, this all comes at no out of pocket cost to you.
What usually happens in Cases like yours. We can reduce the loan but if you can't afford the loan we sale the home and split the profits with you. In some cases we can give you a lease option to purchase, you can stay in the home and pay rent and you can exercise your option to buy the property back in 12 months.
If you want more information
Chapter 13 Bankruptcy
Filing for bankruptcy is a last resort because of the extensive damage a bankruptcy does to your credit rating. Nevertheless, a bankruptcy can prove invaluable in your quest to save your home. Unlike Chapter 7 bankruptcy, which may require you to sell your home, Chapter 13 allows you to avoid foreclosure while also retaining ownership of your property.
When you file your bankruptcy case, an automatic stay prevents any creditors from pursuing you for your debts -â€“ this includes foreclosing on your home. The court will set a payment plan that allows you to stay in your home and pay off your delinquent mortgage balance over a three to five year period.
Negotiate With Lender
If you haven't had an open line of communication with the lender from the beginning, start now. A looming auction date generally indicates that its too late to negotiate a short sale or apply for a loan modification, but your lender may agree to other foreclosure alternatives.
If your lender approves a forbearance, for example, it will temporarily postpone your mortgage payments and the foreclosure auction, giving you more time to come up with the delinquent amount. Your lender may also agree to accept a deed-in-lieu of foreclosure. In a deed-in-lieu arrangement, you sign over the home's title to the lender and walk away. Although a deed-in-lieu doesn't allow you to keep your home, it does prevent a foreclosure that would haunt your credit history for years to come.
Go to Court
If you have reason to believe that any aspect of the foreclosure process was fraudulent, you have the right to sue your lender and ask that the judge either postpone or terminate foreclosure proceedings. If you choose this route, you must demonstrate specific reasons why the court should halt the foreclosure. For example, if the lender did not follow state-specific foreclosure procedures, or the loan terms are blatantly predatory, a judge may postpone or cancel the auction date. Even if the court merely postpones the auction date, this postponement provides you with crucial time to explore other property-saving options.
Pay the Balance
If you had the necessary cash to pay off your delinquent mortgage, you likely would have done so by now. Beneficial changes to your financial situation, however, such as a loan from a family member or an unexpected inheritance, could give you the ability to bring your delinquent mortgage current. If your lender accepts the payment, the foreclosure process stops and you can resume making your normal monthly payments. If your lender demands that you pay off the loan in full, you must pay off your mortgage in its entirety before the lender will cancel the foreclosure sale.
Often times an auction can be stopped and delayed by starting a short sale. To do that, you would need to hire a realtor that specializes in short sales. The good thing for you about this option is that it costs you 0 dollars and some lenders even want to pay you thousands of dollars to do a short sale.
Call me or email me and I can tell you more about the best way to stop foreclosure based on your situation.
Keller Williams Realty
Thanks for reaching out. It's not possible to give you specific advice without knowing more specific details. I live in Point Loma and am a real estate Broker here. If you will call or write me I will do my best to guide you through this situation and refer you to good advice and help.
Tell them what's going on; ask them to work with you.
The second Option would be to LIST it with a Realtor as a Shortsale; this will forestall the action.
Good luck and may God bless