After foreclosure sale is stopped how long before the foreclosure process can start again?

by oliver on September 30, 2010

Question:

After foreclosure sale is stopped how long before the foreclosure process can start again?

Answer:

The foreclosure process can start again once the “automatic sale” is lifted by a court order. It could be a matter of weeks, days and even hours. To learn more about the foreclosure process, you must contact a real estate attorney or a real estate agent.

The length also depends on what option did you make in order to stop the process. If you have filed for a bankruptcy, then the foreclosure process will not start unless you have problems with your repayment plan and are not able to make payments yet again. If you are looking for a way to prevent the foreclosure process completely, try searching for other options. You can look and apply for a home affordable modification program, wherein the terms of your mortgage are changed in order to make it more affordable to you. You can ask the banks to refinance your loan too. In addition to this, you can ask your lender if he agrees for a short sale. This option can only be done if you no longer want to keep your house. By selling the property at its fair market value, you will be relieved of your financial obligations and prevent foreclosure as well.

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