How many chances do you get when your house is up for foreclosure?

Question:

Ok, I know of someone that 6 months ago there was going to a Foreclosure Sale on there house at a Sheriffs auction, well that auction was cancelled. Today there was supposed to be an auction and at the last minute it was cancelled. So how does someone get out of it? Both times it was a last minute thing. So how does someone get out of that? They must not have paid 1 payment on there house!

Answer:
Most common way this happens is that the person that is in foreclosure waits until the day before and files for bankruptcy (usually a chapter 13). That stops the foreclosure.

They client then normally doesn't show up to the creditors meeting and the bankrupcy is dismissed and the bank must foreclose again. Eventually the court will rule that they cant file it again. Ive seen it go up to 4 times. Which took about a year to get them out of the house. Looking at the above comment if 2 were on it. Wow that could take along time if they were doing that. They just keep filing the day before until the judge dismisses it with prejudice. And then the other person could start doing the same.

Call the bankruptcy court and see if they have been filling for bankruptcy or call the court and ask why the sale was cancelled.

most likely they filed chapter 13.If both spouses are on the loan they can each file at seperate times.After this they are most likely out of luck.

The easiest way to stop a sheriff sale is simply to ask the lender to put it on hold. Most lenders will do this in order to give the homeowners more of a chance to pay back their loan or get out of foreclosure. Usually, they'll want to see some sort of proof that the homeowners are pursuing some solution to the foreclosure, like selling or refinancing, etc.

Another way to postpone a sale is if the homeowners ask the court to grant them additional time to solve the problem. This is especially useful if the lender is unwilling to postpone the sale any further. The court can automatically have the sheriff sale held off and allow the owners to pursue their solution.. The foreclosure victims would still have to provide some proof that they're working on a solution to foreclosure, of course.

I knew one person that persuaded the banks and the courts to postpone a sheriff sale 10 times over a period of longer than a year. It's amazing lenders and courts allow this, but it shows how very little they want to go ahead with the foreclosure.

Hope that explains things.

ForeclosureFish
http://www.foreclosurefish.com/...

How many chances do you get when your house is up for foreclosure?

Hot Topic