Most home owners today are faced with the challenge of not being able to repay their mortgage in full, for them to enjoy the benefits if truly owning their own home. When such circumstances arise, may people opt to go for modifications or other ways to have their loans adjusted. This may however not always succeed, and a foreclosure becomes imminent. In such foreclosures, depending on the circumstances, a lender may opt to use a sheriff sale to repossess the home or property.
What Is A Sheriff Sale?
A Sheriff sale is more of an auction on the mortgage property you are unable to repay. If you are unable to repay the loan, the lender will probably take you to court and repossess the home. After this is done, you will likely have to move out of the home, and the Sheriff will auction it to the highest bidder. The lender will then get his money from the bid.
How Can I Stop A Sheriff Sale?
You can take the following measures to stop a Sheriff sale:
- File For Bankruptcy
Filing for chapter 13 bankruptcy is one way of stopping the sheriff sale. This should however be done prior to the set date for the public auction. You will also have to get a very good attorney who deals with bankruptcy for him or them to help you with the situation.
- Ask for An Adjournment
In some states, you can go to your lawyer and ask for an adjournment on the foreclosure. In this way, the sale of the property will be put on hold, for a minimum of about two weeks. Some states will allow you to adjourn the sale as many times as possible. However, the most important thing is to get a mortgage modification expert that will help you repay the loan, instead of losing it all together.