How Can I Stop the Sale of My House in Foreclosure? – Margaret

“Dear Steve,

I was the owner of a store (15years)and sub contracted a cab as a second job in 2012 i was in a car accident in dec.I broke both legs in the accident and I am still in the rehab facility,

Allstate has yet to send any wage loss or chore reimbursement.my house of residence went in to forclosure ,and now I rec!d a card in the mail from a bankruptcy lawyer that my property is going to be sold at a sheriffs sale april 11.

I still can not walk ,I only owe 3 years on the house and have about 160,000 in equity..(pryor to the accident I was a month behind but amortized 5 months ahead)there is a second mortgage that I am current on (I have a house I rent that is paid in full ,the tenants are reliable and are in their third year of tenancy.(rent is $1250.mo.

House is worth about 170,000, the rental is keeping most everything paid but the mortgage at my residence,I have a 15 year old and a n older son who quit his job to close and move my store to my house(they would not let him take that much time off) He is staying at the house while I am in rehab.

How can I stop the sale of my house and keep it, If there is no way to keep it stop the sale and sell it so I can take the equity and buy something to live in with my kids ?



Dear Margaret,

Do You Have a Question You'd Like Help With? Contact Debt Coach Damon Day. Click here to reach Damon.

I’m so sorry to hear about your accident. That was so unfortunate.

The mortgage company would not be proceeding with foreclosure unless payments were not being made. That’s the first issue we need to resolve.

If you are unable to pay the mortgage then your primary choices are to get the mortgage company to stop the sale of the house and you can sell it or to consider filing a chapter 13 bankruptcy to stop the sale but you would need to make your regular mortgage payments in the bankruptcy.

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Is there anybody that you can trust to deal with the mortgage company for you? If not, I would suggest you contact a local attorney that specializes in real estate matters.

If you have the notice of foreclosure then call the contact number on that and see if they will postpone the sale so you can sell it. Time is short so you must act swiftly.

Please post your responses and follow-up messages to me on this in the comments section below.

Damon Day - Pro Debt Coach

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Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.
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