Posted on: 30th Aug, 2009 10:09 pm
My foreclosure date has been "stalled" twice since I have been working with my loan servicer to modify my mortgage. I recently got the paper work back from my loan servicer as to the terms of the loan modification. The terms are questionable and the payment is not affordable to me. The foreclosure sale date has been stalled pending the approval of modification. While I am trying to re-negotiate my loan with the servicer, will the sale date still be stalled pending a new offer? What can happen if the servicer does not re-negotiate my loan?
Will they foreclose based of the first"stall" date or the second "stall" date? Thank you for your help.
Will they foreclose based of the first"stall" date or the second "stall" date? Thank you for your help.
If you are re-negotiating with your lender regarding your loan modification, then your foreclosure sale date can be "stalled". However, if the lender does not re-negotiates the loan terms, then he may start the foreclosure procedure. As far as the date of sale is concerned, it's totally the discretion of the lender.