Ways to Stall or Prevent Foreclosure Articles | Foreclosure

By: Guy Starbuck

If foreclosure something which can be stopped permanently? In most cases the answer to this question is yes, just as in most legal situations , a variety of uncommon legal loopholes exist which may be used to stave off foreclosure proceedings or even stop them completely. When you are searching for such foreclosure loopholes, you should ensure that you seek out a lawyer who has a specialty in foreclosure law as well as mortgage improprieties and the Truth in Lending Act (TILA). Getting your mortgage cleared and keeping your house may take a substantial amount of time and effort and as such it should be handled by someone with a thorough understanding of the law.

In addition to TILA violations, there are a few other ways to halt the foreclosure process. They include:

Filing for Bankruptcy.

Making a filing for Chapter 13 bankruptcy will immediately place a 30 day stop to any proceedings for foreclosure. Because laws require a bankruptcy hearing before a foreclosure can actually take place, people in areas that have backed-up court systems may get a stay of as much as a year from their foreclosure while they wait in order to appear before a judge.

Enlisting in the Active Military.

While this isn't usually the best option for most people, getting enlisted on active duty in the military will forestall any foreclosure proceedings until you are released from active duty.

Filing a Written Answer about Your Foreclosure Notice.

In the past answering your foreclosure notice through the court system would take anywhere from a 1-6 month period. During this time you can easily figure out what next you need to do to retain your home.

Challenge the Sheriff’s Appraisal.

Making a legal challenge on a sheriff's appraisal can legally stop any foreclosure sales for about 30-120 days all depending on how quickly a new appraisal may be completed and a new auction re-listed and advertised.

Find Someone to Make an Offer on Your Home.

By looking for a qualified buyer for your home before a foreclosure option, you can easily get it pulled off the sales listing. A large number of states do not require a buyer to make a formal offer before they actually complete the sale. By getting a friend of yours or a relative to make an offer on your home may be able to delay proceedings for as much as six months.

Notice Failure.

Any failure to notify a mortgage holder about foreclosure proceedings may result in the invalidation of the entire process. It may be for these reasons that while some people choose to remain at home, a number of others run from one place to the other trying to outrun the formal legal notice.

None of these options offer any permanent solution to your financial troubles but if they are harnessed properly they may just provide you with the time which you need to get the money and reclaim your house. Once your house has been sold, it's gone for good so any extra day which you can delay the proceedings by, gives you the opportunity to find a better solution.