If you have been given a notice that says “Notice Of Sale” in regards to your property in foreclosure, quick action is necessary. Here is what can be done to stop the foreclosure:  postpone the foreclosure auction date.  How and why can a bank do this?  They are in control and are negotiable.  They too, do not want a foreclosure because they are not in the business of owning Real Estate, they are in business to lend money.  Your property just happens to be the collateral they used to secure the money they lent you to pay off the person who sold you the property.

You are very limited in your options at this point, but here are some tips to help you:

1. Take a deep breath and clear your mind. You will need to think clearly, objectively, and quickly in order to make the right move.
2. Call friends, family, or any other associates who have proven experience in foreclosures. Maybe one of them has been through it. Maybe one of them does this for a living. Maybe they know someone who has these experiences.
3. Realize that you have nothing to lose. Banks offer short sales and loan modifications because it benefits them, too. If you are not reciprocal in finding them a buyer or other necessary duty to help them, they will go ahead and foreclose. If, on the other hand, you are willing to step up and get them what they need, they will most likely work with you. If not, it costs you no money. The Realtor who listed it should not have charged you money and they do all the work, the bank charges you nothing, and this gives you a better chance than a foreclosure to completely wipe out the debt that you incur when the property is sold for less than what is owed.
4. Realize how bad a foreclosure is on your record. It is said that a foreclosure is as bad as a bankruptcy on your credit. A foreclosure will remain on your credit history for 10 years. Your credit is used in more ways than you may know including getting a job, maintaining security clearance if you work for the government, qualifying for a mortgage within the next 5 years, receiving reasonable interest rates on auto loans, qualifying for investment loans, business partnerships, landlord applications, and on and on. A short sale or a loan modification will enable you to avoid foreclosure and keep that nasty word off your record.
5. Do something today! If you wait until the day before auction it is too late. The bank will consider postponing the auction if you have met some basic criteria. Here are requirements the bank will need to consider giving you an extra 30-60 days:

-  A bona fide offer from a qualified investor or retail buyer

-  7 days before the auction.  If the auction is in less than a week, they will rarely have enough time to cancel the auction.

-  Listed with a Realtor.  They want to know that they are dealing with a professional who is earnestly trying to complete a short sale or loan modification.  They do not want to postpone the auction if you are on your own because they will think you don’t know anything and are just trying to buy time.

While your options are limited, it is still possible to avoid foreclosure even if you have a foreclosure auction scheduled.  The key is to call on a foreclosure expert and take massive action!

I buy and sell properties in McHenry, IL.  If you need quick help, call me now at 847-629-5400 or send me an email to Nick@NickGraff.com.

Hope this helps!

Nick

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