When you get behind on your mortgage payments, the foreclosure process typically takes anywhere from six to eight months, at which point the home may be sold at a sheriffs sale – a public auction that takes place at the end of a foreclosure process. When you are in a difficult financial situation and are facing the foreclosure of your home, being proactive can help you regain control of your financial situation.
How to Stop a Sheriff’s Sale and Foreclosure Process
Stopping a foreclosure process early on will protect your rights and legal title to the property while you consider your options such as:
- Someone who cannot afford to pay their mortgage may wish to consider selling their home to pay off the mortgage, finding a more affordable option to rent or buy until their financial situation improves. If you are upside down on your mortgage – owe more than the home is worth – or the amount of the sale will not otherwise satisfy what is owed to the lender, this may not be a feasible option unless you are able to pay the difference.
- If you have fallen behind on mortgage payments and are in foreclosure, you may be able to reinstate the mortgage with your lender if you are able to bring your payments current. Taking the time to discuss your financial situation with your lender may reveal viable options.
- If you wish to keep your home but do not have the means to get caught up, a Chapter 13 bankruptcy repayment plan may be a good strategy for your situation. Filing for Chapter 13 will put a hold on the foreclosure and a pending sheriff’s sale, allowing you time to reorganize your mortgage payments and any fees you may owe, in addition to reorganizing other debts such as credit cards into an affordable repayment plan. At the end of the two to five year Chapter 13 bankruptcy process, unsecured debt may be discharged making it easier to make timely payments on secure debt such as your home.
Contact an Experienced Bankruptcy Lawyer for Help Today
It is highly recommended that you get the information you need before an inability to pay your mortgage advances to the foreclosure stage. Even if your situation has progressed to foreclosure with a sheriff’s sale imminent, there may still be time to turn things around. Contact the Peoria bankruptcy law offices of Charles E. Covey to discuss your options at 309-674-8125.