Can you stop foreclosure on a house after the foreclosing date has been set?
Tuesday, March 2nd, 2010 at
4:30 am
The bank is foreclosing on my relative’s house in 3 weeks. The thing is that he is older and left the state for a long vacation without making arrangements for paying his mortgage.
He’s back now and has the money to pay everything that is owed. Can he still fork over the payment and avoid foreclosure? Or is foreclosing inevitable once the process starts? What can he do?
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Tagged with: Avoid Foreclosure • Money • Mortgage
Filed under: House Repossession
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Hij kan het tot de datum omhoog tegenhouden het gebeurt. Het huis is nog van hem.
Ja kan hij alle betalingen nu verrichten. Hij zou de raad van achtenswaardige onroerende goederenattny moeten krijgen.
Deze dienst die hij zal alle werkzaamheden van forclosure tegenhouden zal verlenen.
He should contact the lender but if the lender does not answer right away he must also call the attorney who is handling the foreclosure, Some lenders are sending their calls to a call center so they don’t have to deal with all the calls. Since he has received a Notice of Default as long as he can pay the balance in full before (not on or after)the date he can stop the foreclosure. He needs to call both the attorney and the lender so they all are on the same page.
Yes have him make the payment and catch it up. He has until the date to make the payments and that will stop the process.
Well, your relative is pulling your leg.
No bank forecloses on a property if you have just missed a couple of payments…he had to have not paid for 4 or 5 MONTHS before they would have foreclosed.
What did he do about his electric/water/gas/cable bills while he was gone? That is why internet banking was invented.
Since the date has been set, the foreclosure process CANNOT always be stopped. Now he has to contact the Trustee, which is the attorney that is handling the foreclosure. The Trustee will come up with a “payup” that will include not only the back payments, but all legal fees associated with the foreclosure.
Even IF your relative has the money, the Trustee will also demand evidence that your relative has the financial ability to continue the payments through employment or asset verification…and if in the Trustee’s SOLE opinion, if your relative cannot, the foreclosure CAN CONTINUE as scheduled.
Once the process gets so far, it is not always reversable.
He can still stop the foreclosure at pretty much any time up until the date of the sheriff sale. If that’s the date you are talking about for the “foreclosing date,” then he still has some time, but needs to get something together quickly.
The bank won’t accept just a regular payment right now, or a partial payment. They’ll probably want the entire amount that is behind right now, or they’ll want to work out some sort of repayment plan with the owner. Call the lender to find out exactly what plans they can offer and how much money he’ll have to fork out to them.
But, if they don’t accept a payment plan, there are a few other ways to stop the foreclosure date.
First, he can simply file Chapter 13 bankruptcy. That puts all creditor collection efforts on hold while the debt is being dealt with by the court system. It can stop a sheriff sale the day before the sale, and might work as a last-ditch effort. Not the most preferable way to stop foreclosure, but homeowners should keep it in mind.
Second, just paying back the entire amount behind will get the mortgage reinstated. It will bring the status of the loan back to “current,” and end the foreclosure process. If there are no arrears, and no part of the loan is in default, the bank can not continue foreclosing.
Last, going into court and asking the judge to order the lender to try to work something out is always a solution. So few homeowners take up this opportunity, though, simply due to fear of the legal system. But the judge can order the bank to consider a repayment plan, or offer some other resolutions besides going straight through with the foreclosure process. The judge can also put a hold on the sheriff sale, since he is the one ordering the sale in the first place.
Foreclosure is never inevitable once it starts. Just take advantage of what’s available and make sure the relative can make the payments on time again.
Good luck.
ForeclosureFish