During foreclosure, what does it mean when an entry with the court has been made to stop a sheriffs sale. I?

Does that mean that the persons will remain in the home or is the foreclosure still proceeding?

Well, it more than likely means that the homeowners have asked for more time to save their home, and the lender has agreed to postpone a scheduled sheriff sale. At that point, the lender orders its local attorneys handling the foreclosure to move the court to stop the sale and postpone/reschedule it.

So, until the sheriff sale is rescheduled and the house is sold, the homeowners will have some time to work on another solution. Maybe they've found someone to buy their house, or they are working on a qualifying for a loan modification or forbearance agreement.

But, until the house is sold at auction, they can keep living in the property. The bank, since it is the plaintiff in the foreclosure lawsuit, has great leeway to extend the sale or work out a solution out of the courts.

In a small number of cases, the attorneys might have entered the postponement with the court if they found out that they made a mistake somewhere. If they proceed with the sale despite not giving notice, not following the law, or otherwise screwing up, they'll probably just start the sheriff sale process over again and not risk having the foreclosure reversed. But this is pretty rare.

Hope that answers your question.
ForeclosureFish

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This entry was posted on Tuesday, September 23rd, 2008 at 9:16 am and is filed under stop foreclosure sale. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

One Response to “During foreclosure, what does it mean when an entry with the court has been made to stop a sheriffs sale. I?”

  1. foreclosurefish_com Says:
    January 16th, 2008 at 7:31 am

    Well, it more than likely means that the homeowners have asked for more time to save their home, and the lender has agreed to postpone a scheduled sheriff sale. At that point, the lender orders its local attorneys handling the foreclosure to move the court to stop the sale and postpone/reschedule it.

    So, until the sheriff sale is rescheduled and the house is sold, the homeowners will have some time to work on another solution. Maybe they've found someone to buy their house, or they are working on a qualifying for a loan modification or forbearance agreement.

    But, until the house is sold at auction, they can keep living in the property. The bank, since it is the plaintiff in the foreclosure lawsuit, has great leeway to extend the sale or work out a solution out of the courts.

    In a small number of cases, the attorneys might have entered the postponement with the court if they found out that they made a mistake somewhere. If they proceed with the sale despite not giving notice, not following the law, or otherwise screwing up, they'll probably just start the sheriff sale process over again and not risk having the foreclosure reversed. But this is pretty rare.

    Hope that answers your question.
    ForeclosureFish
    References :

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