TRUSTEE SALE

I received a Notice of Trustee’s Sale or an Intent to Foreclose / Accelerate – what do I do?

 DON’T PANIC!  THERE IS STILL TIME TO TAKE ACTION!

Trustee sale dates can be extended and sometimes canceled with the right intervention.

Possible solutions are:

Modification (work with lender to temporarily or permanently reduce mortgage payments)

Reinstatement (Paying the total amount owed by a specific date in exchange for the lender agreeing not to foreclose)

Forbearance (An agreement to reduce or suspend payments for a short period of time)

Repayment Plan (An agreement to resume making monthly payments with a portion of the past due payments each month until they are caught up)

Claim Advance/Partial Claim (If the loan is insured, a homeowner may qualify for an interest-free loan from the mortgage guarantor to bring the account current)

Work out sale (The lender may allow a specific amount of time for the home to be sold and the loan to be paid off. The lender may also allow a buyer to assume the loan to purchase the property even if the loan is non-assumable)

Deed-in-Lieu of Foreclosure (see Deed-in-Lieu section of this website)

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