Contrary to what some homeowners think, most lenders do not mind if you can save your home from foreclosure. Why? Because usually that means that they're getting paid. But what can you do to save the property? There are many ways to do it, and some are actually legit. Not just some fly-by-night gimmick from some real estate scam artist.
If there is fraud in the making of your loan, depending on the type of fraud you may be able to convince a judge that the sale should be stopped. If the loan and its making was fair but you simply aren't able to come up with the funds on time, there are options. One is a right of redemption. This is a rather complicated legal right. But it essentially is a right the homeowner has to pay off the loan after the sale.
The period of time in which a homeowner has this right of redemption depends on whether the sale proceeds covered the loan amount. If it did, the period may be three months. If the sale proceeds were not sufficient to pay the loan, the period may be a year. Check with your attorney on this.
Right of redemption may allow a homeowner to find an investor (an honest investor!) to work with him or her to put the property back in his or her name.
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