Sacramento Real Estate Views

How To Get Your Foreclosure Sale Postponed

Don’t Wait Until It’s Too Late

So you’ve received a “Notice of Default” from the county court system.  Other than the filing date and some legal ease, there isn’t much to it.

While it does mention that if your mortgage isn’t brought current, your home could be sold at a trustees’ sale.  No sale date is included in the notice.

So many people have received these notices and because they are receiving an overwhelming amount of mail regarding their deficiency, it hasn’t had the impact that it should.

That’s what happened to a client in Lincoln.  They had received a “Notice of Default” but didn’t understand what it was and what it meant.

The lender had been barraging them with paper, people had come by to check on the home and occupancy but as far as they knew, they were working on a loan modification.  As far as they knew, like their friends who had gone through the same thing, they still had another year left before they needed to be concerned about moving if the loan modification failed.

They thought..

“…In 3 Weeks, Your Home Will Be Sold At A Trustees’ Sale…”

I got a call in early October while on vacation with my family at Disneyland.  The person on the other end of the phone was upset, that much was clear.  She had just received a “Notice of Trustees’ Sale” taped to her front door.

This notice said that in 3 weeks, her home would be sold to the highest bidder at a trustees’ sale on the courthouse steps in Roseville.  She was shocked to receive this notice.  To her knowledge, she hadn’t been notified that her home would be auctioned off.  She thought she would get more notice.

Not to mention that 3 weeks wasn’t enough time to find a home and move.  She was beyond upset and looking for any help.  Her lender could care less stating that she had an opportunity to make her mortgage current, hadn’t and now it was time for the bank to recoup what they could by forcing the sale of the home through the courts.

I told her that getting a trustees’ sale postponed with 3 weeks left was very difficult and only had a small probability of success.  It’s possible but we’ve got to move fast to have the best chance.

I called my short sale negotiator, she got over to her home and got it listed.  Fortunately, the seller already had all the paperwork together.  All we needed to do was to get it listed and get an offer.

List Your Home In A Short Sale

The result??  After the hurry up, we managed to get the trustees’ sale postponed with only a few days left.  We were very fortunate that the lender, OneWest formally known as IndyMac, was easy to work with.

With other lenders, it’s not easy to get a trustees’ sale postponed that quickly especially going into the slower winter sales months.  We were able to get it done and extend the time this homeowner was able to stay in her house by over 2 months.

Generally, short sale approvals take longer but in this case it came in just 30 days.  The seller now knows exactly when she needs to move and will have plenty of time to do it and will benefit financially from not going through foreclosure when it could have and was avoided.

Have You Received A Notice Of Default?

If you’ve received a “Notice of Default” and are facing foreclosure, your time is limited.  Acting sooner than later will help us to get your sale date postponed and extend your time in your home by selling it in a short sale.  It’s better for your future financial position giving you a myriad of options whereas going through the foreclosure process does not.

Short sales are being approved at a higher rate than ever before because it’s the best option for the seller and the lender.  Give us a call, text, email or simply fill out the form below and we’ll call you promptly.

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