Question: Can I stop the foreclosure sale? – Answer: Yes. You can bring your mortgage payments current along with all late charges, foreclosure fees, taxes, and insurance premiums. If you are unable to do so, you can contact your lender and try to negotiate a plan to modify your payments but don’t wait until the last minute to do this. Other options include refinancing, selling your home and or filing for bankruptcy.
Q1: If the property is in pre-foreclosure, how do I buy before foreclosure? – Answer: When a property is in pre-foreclosure (NOD, LIS), the owner still has a chance to stop the foreclosure process by paying off what is owed or by selling the property. The pre-foreclosure period can last several months, so you may need to be patient when trying to contact the owner in default.
Question: If I lose my property through foreclosure, can I get any money from the foreclosure sale? – Answer: Yes. But first, any remaining balance on the mortgage will be paid along with all outstanding property taxes and court fees. In most cases, very little, if any money, will be left for you to get.
Question: How much time is given to vacate the property once the foreclosure process is completed? – Remember, once the Trustee’s sale is complete, the title to the property is given to the new owner and your rights to the property are gone and the new owner gets immediate possession. Note: Foreclosure is a serious matter and it is advisable to contact an attorney for legal advice.