You can either file the bankruptcy, or go to the bank today with all of the money owed in arrears, and even that may not be enough to stop the foreclosure. Best option is to do a free consult with an attorney in your local area, and see if there are any alternatives for you, but I don’t think there is any above those mentioned. Good Luck!
To stop a foreclosure without bankruptcy you have to pay all fees and back mortgage payments before your sale date. otherwise it will go to sheriff’s sale and be sold. And yes, if you file bankruptcy it will stop the sale. There will be a bankruptcy stay and they are unable to sell it unless they get a relief from stay from the court.
Filing bankruptcy will probably not stop the sale. Check your loan documents and you will see somewhere that it states you cannot include the mortgage in any bankruptcy. So unless you pay back what is owed to make the loan current you will lose the house. Perhaps if you have a solid loan in place to pay off the current mortgage company they will postpone the sale – but I doubt it. Contact them and find out.
60 days to refi? That is an incredibly long time. Where I live you have 6 months before the sale occurs to give you time to catch up. Sounds to me like you waited too long.
I would make sure you could get the refinance. Don’t take a “Pre-Qual” Get a solid, “Okay, we’re ready to close.”
Once you have this, I would talk to your attorney that you used for the foreclosure proceeding to contact the bank and advise them that you have made a commitment for a refinance and can close on ________ providing them with funds for the payoff including attorney fees by _______. Have them draft a Consent Order to this effect so that if you close the deal by a certain date, your are good to go and the case is closed and if not closed and paid by whatever date, then the bank can have the residence. Also, you can offer them a little extra on the deal by providing them with a higher interest on the behind payments. Sometimes a little extra money can make the deal go better. Make it a backup plan don’t go in offering everything unless you have no choice. If you did not use an attorney for the foreclosure proceedings, I would recommend that you get one for the negotiations. Some Bankruptcy attorneys can help you with the negotiation, but they may not be able to represent you in the foreclosure action.
Again, make sure you can actually close the deal before you go through all this. You may want to consider this and be prepared to file Bankruptcy if you can not. You have to attend consumer credit counseling and provide your information to the BK attorney.
I would find an attorney to represent you in the foreclosure proceeding to buy time and the Bankruptcy attorney to negotiate the foreclosure and the payoff. A lot of times, Bankruptcy attorneys get experience with “keeping creditors happy” and this may be beneficial to you..
If you don’t have an attorney or are unsure where to look, go to the American Bar Association’s website for a referral:http://www.abanet.org/legalservices/lris…
Whatever you do, Do it Quickly and Efficiently!
Most banks will work with you to avoid foreclosure, particularly if you are refinancing. Contact your bank and tell them your situation honestly and they may work with you.
One thing I have actually noticed is the fact that there are plenty of common myths regarding the lenders intentions while talking about foreclosure. One fable in particular is the fact that the bank would like your house. The lender wants your dollars, not your own home. They want the amount of money they lent you together with interest. Avoiding the bank will undoubtedly draw some sort of foreclosed final result. Thanks for your article.
8 Responses to “Excluding Bankruptcy…how Do I Stop Foreclosure Sale May1 ,texas?”
November 27th, 2009 at 5:39 pm
You can either file the bankruptcy, or go to the bank today with all of the money owed in arrears, and even that may not be enough to stop the foreclosure. Best option is to do a free consult with an attorney in your local area, and see if there are any alternatives for you, but I don’t think there is any above those mentioned. Good Luck!
November 27th, 2009 at 6:49 pm
To stop a foreclosure without bankruptcy you have to pay all fees and back mortgage payments before your sale date. otherwise it will go to sheriff’s sale and be sold. And yes, if you file bankruptcy it will stop the sale. There will be a bankruptcy stay and they are unable to sell it unless they get a relief from stay from the court.
November 27th, 2009 at 9:51 pm
Filing bankruptcy will probably not stop the sale. Check your loan documents and you will see somewhere that it states you cannot include the mortgage in any bankruptcy. So unless you pay back what is owed to make the loan current you will lose the house. Perhaps if you have a solid loan in place to pay off the current mortgage company they will postpone the sale – but I doubt it. Contact them and find out.
60 days to refi? That is an incredibly long time. Where I live you have 6 months before the sale occurs to give you time to catch up. Sounds to me like you waited too long.
November 28th, 2009 at 1:21 am
I would make sure you could get the refinance. Don’t take a “Pre-Qual” Get a solid, “Okay, we’re ready to close.”
Once you have this, I would talk to your attorney that you used for the foreclosure proceeding to contact the bank and advise them that you have made a commitment for a refinance and can close on ________ providing them with funds for the payoff including attorney fees by _______. Have them draft a Consent Order to this effect so that if you close the deal by a certain date, your are good to go and the case is closed and if not closed and paid by whatever date, then the bank can have the residence. Also, you can offer them a little extra on the deal by providing them with a higher interest on the behind payments. Sometimes a little extra money can make the deal go better. Make it a backup plan don’t go in offering everything unless you have no choice. If you did not use an attorney for the foreclosure proceedings, I would recommend that you get one for the negotiations. Some Bankruptcy attorneys can help you with the negotiation, but they may not be able to represent you in the foreclosure action.
Again, make sure you can actually close the deal before you go through all this. You may want to consider this and be prepared to file Bankruptcy if you can not. You have to attend consumer credit counseling and provide your information to the BK attorney.
I would find an attorney to represent you in the foreclosure proceeding to buy time and the Bankruptcy attorney to negotiate the foreclosure and the payoff. A lot of times, Bankruptcy attorneys get experience with “keeping creditors happy” and this may be beneficial to you..
If you don’t have an attorney or are unsure where to look, go to the American Bar Association’s website for a referral:http://www.abanet.org/legalservices/lris…
Whatever you do, Do it Quickly and Efficiently!
November 28th, 2009 at 4:24 am
FOR SMILES AND CLOSURE
OR PREY- ERSSSSSSSSSSSS
November 28th, 2009 at 7:10 am
Most banks will work with you to avoid foreclosure, particularly if you are refinancing. Contact your bank and tell them your situation honestly and they may work with you.
November 28th, 2009 at 9:12 am
Here is a good place to start to determine you options when you are in foreclosure.http://www.afscanhelp.com/foreclosure-he…
July 17th, 2011 at 7:45 am
One thing I have actually noticed is the fact that there are plenty of common myths regarding the lenders intentions while talking about foreclosure. One fable in particular is the fact that the bank would like your house. The lender wants your dollars, not your own home. They want the amount of money they lent you together with interest. Avoiding the bank will undoubtedly draw some sort of foreclosed final result. Thanks for your article.
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