| One of the main points it is important to focus on in | | | | homeowners can provide a minimal amount of |
| terms of advice to homeowners facing foreclosure is | | | | paperwork and a letter explaining their intentions. For |
| that they should keep up with the legal process as | | | | instance, maybe they have found someone to buy |
| much as humanly possible. This might involve looking up | | | | their house, or they are working on a qualifying for a |
| court records, receiving copies of documents that | | | | loan modification or forbearance agreement. All they |
| have been filed by the attorneys in the case, and even | | | | really need to present to the bank is the offer and |
| attending hearings before the judge. But unless | | | | supporting documents explaining why they fell behind |
| homeowners keep themselves informed of what is | | | | and what is being done to fix the situation. |
| going on during the foreclosure, they may find | | | | But, until the house is sold at auction, the foreclosure |
| themselves making hasty decisions based on | | | | victims can keep living in the property. The bank, since |
| incomplete knowledge. | | | | it is the plaintiff in the foreclosure lawsuit, has great |
| For example, take the case of the attorneys filing a | | | | leeway to extend the sale or work out a solution out |
| motion to postpone the scheduled sheriff sale. Until this | | | | of the courts. They can dismiss the case at any time if |
| is done, even homeowners who have been attempting | | | | the homeowners are able to avoid foreclosure, or they |
| to get more time to stop foreclosure may have no | | | | can ignore any further requests to stop the sheriff |
| idea that they are being another opportunity. If a sale is | | | | sale, if they do not believe the homeowners will be |
| scheduled in the very near future, and the bank then | | | | able to work out the difficulties. |
| decides to postpone it, they will more than likely not | | | | In a small number of cases, homeowners may find |
| inform the foreclosure victims of this decision until after | | | | that the sale has been postponed even without their |
| the sale would have taken place to begin with. | | | | knowledge or intervention. Although this is quite |
| Homeowners, though, can usually find out directly from | | | | uncommon, it deserves a passing mention. What most |
| the court system if their sale has been canceled for | | | | likely happens is that the attorneys have entered the |
| the time being. | | | | postponement with the court if they found out that |
| The attorneys in the case will usually file a motion to | | | | they made a mistake somewhere in the foreclosure |
| stop the sale and request that it be rescheduled within | | | | process. If they proceed with the sale despite not |
| thirty days or so. That is why banks, soon after | | | | giving notice, not following the law, or otherwise missing |
| making the decision to postpone, will already have a | | | | something important, they will probably just start the |
| new foreclosure auction date; the attorneys just | | | | sheriff sale process over again and not risk having the |
| reschedule the home to be sold at the closest date | | | | foreclosure reversed. But again, this is pretty rare. |
| within the coming month. In effect, this means that the | | | | The most important element in saving a home from |
| homeowners have asked for more time to save their | | | | foreclosure is the time needed to work out a solution. |
| home, and the lender has agreed to delay a scheduled | | | | Homeowners are free to request as much time as |
| sheriff sale for a short period of time in order to give | | | | they need, and banks are free to extend sale dates |
| their clients the benefit of the doubt and all them | | | | as many times as they want. But, it is ultimately up to |
| another chance to save their home. At that point, the | | | | the homeowners to keep track of when their home |
| lender has ordered its local attorneys handling the | | | | will be sold out from under them, and it is important that |
| foreclosure to move the court to stop the sale and | | | | they understand how to get a sale delayed. Even |
| postpone/reschedule it. | | | | knowing how to do this, though, is not enough. They |
| So, until the sheriff sale is rescheduled and the house is | | | | also need to keep track of the lender through the |
| sold, the homeowners will have some time to work on | | | | court system and make sure they have been given |
| another solution. Of course, the lender will want to see | | | | the time they requested, and they need to learn this as |
| some kind of proof that a solution is being worked on | | | | early as possible, in order to make the most effective |
| even before deciding whether to postpone or not, but | | | | use of their options to stop foreclosure. |