If you are involved in a foreclosure and you lose your case at a hearing
on a Motion for Summary Judgment or at Trial, you will get a sale date.
Your sale date will range any where between 30 days and 120 days. Many
times, clients do absolutely nothing until they get notice of a sale date.
At that point, they come to us for help and want us to miraculously save
Fortunately for them, I consider myself to be something of a miracle worker
when it comes to cancelling foreclosure sale dates. For most of my clients,
there are still a host of options available to them to save their home
even after they receive a Final Judgment of Foreclosure.
You are not prevented from applying for a loan modification after Final
Judgment is entered. A loan modification is designed to permanently modify
the terms of your original loan. Depending on your modification terms,
it can change your monthly payment, interest rate, principal balance,
or length of repayment. Your outstanding balance of missed payments and
fees are usually placed on the back end of your new mortgage. Consequently,
you will no longer be considered in default and the lender will dismiss
the foreclosure action against you.
I have been successful in cancelling foreclosure sales based on my clients
pursuing modification, short sales, or other type of loss mitigation efforts.
Another option is filing for Chapter 13 Bankruptcy which automatically
stops the Lender from going forward with the sale. Chapter 13 Bankruptcy
allows you to catch up on your mortgage arrears through a repayment plan.
Just because you have an approaching sale date looming over your head is
no reason to throw in the towel. Contact an experienced Foreclosure today
to discuss your options.