How would you delay foreclosure proceedings.?
Question:
Notify the bank immediately that you have it listed and it's getting good activity. Believe me, the lender doesn't want to foreclose on you but they need you to communicate with them to let them know that you're trying to resolve the problem.
If you contact the lender ASAP, they'll more than likely give you the time you need to get is sold.
It depends on how far along you are in the foreclosure process. Did you just receive a letter/Notice of Default, haven't paid your mortgage in 3 months or more? If so, you may still have time depending on your state's procedures. Assuming you're working with a Realtor, he/she will do all the legwork for you, including negotiations with the lender. If so, the lender will freeze the process once an offer comes in, and is more flexible to allowing you time , with the knowledge you are working with an agent. If you are doing this on your own it can be rough; call your lender, and explain what you are doing and hopefully they will work with you, or at least give you some direction. Lenders these days do not want your home; they hope you keep it, rather than add to their existing inventory of foreclosed homes. If you are with a small out of town lender, they may be tougher than if you are with a well known lender, or a local lender. Small out of town lenders frequently do not have a lot of inventory in an area, and so don't care if the place goes into foreclosure, as it is just one of many they may have in other areas. If that person who wants it needs more time, get a commitment in writing. If it's more than a 2 months they need, you may not want to push anything with them. Hope this helps:)
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