One of the most justified concerns homeowners have about being in foreclosure is how much time they have to save their homes. This is such an important issue that many homeowners simply give up on their homes and move out long before they have run out of time. They simply assume the sheriff will show up any day and kick them out! Unfortunately, this is a dangerous assumption to make, and homeowners frequently have more options than they could ever believe possible to increase the time they have available.

In fact, it is reasonable to state that any homeowner can still stop the foreclosure process at nearly any time up until the date of the sheriff sale. Of course, if that date is on the horizon or approaching in the next few weeks or months, then there is still some time, but the foreclosure victims need to get something together rather quickly. Stopping a sheriff sale is vitally important if there is any realistic plan to save the home and pay off the mortgage or reinstate the payments. A sheriff sale will nullify almost any plan that was being worked on before the auction.

It is also important to not that the bank will not accept just a regular payment once the home is in the foreclosure process, nor will they accept any form of partial payment. The lender will most likely demand the entire amount that is behind right now, unless they are willing to work out some sort of repayment plan with the owner. This is one reason that homeowners, as soon as they have recovered from a financial hardship, should call the lender to find out exactly what plans they can offer and how much money will have to be forked out to them to begin a plan.

But, if the bank does not accept a forbearance agreement or other plan, there are a few other ways to stop the foreclosure date that do not involve direct intervention by the mortgage company. Sometimes, the homeowners need to take control over their home and take advantage of other opportunities.

First, the homeowners can simply file Chapter 13 bankruptcy to avoid foreclosure. That puts all creditor collection efforts on hold (including the mortgage company's attempts to collect) while the debt is being dealt with by the court system. It can stop a sheriff sale the day before the sale, and might work as a last-ditch effort. Although it is not the most preferable way to stop foreclosure, homeowners should keep it in mind if they are seriously short on time. In many cases where the homeowners are nearly out of time, no other way to postpone the auction will work.

Second, just paying back the entire amount behind will get the mortgage reinstated. It will bring the status of the loan back to "current," and end the foreclosure process. If there are no arrears, and no part of the loan is in default, the bank can not continue foreclosing. Admittedly, this is also the most unlikely scenario presented here, mainly due to the unwillingness of the bank to work out a solution and the fact that they typically add thousands of dollars of late fees, interest, court costs, and attorney fees to the total amount needed to reinstate the loan. But if homeowners can come up with the money, they will be able to save their home immediately.

Last, going into court and asking the judge to order the lender to try to work something out is always a potential solution. Very few homeowners take up this opportunity, though, simply due to an (ir)rational fear of the legal system. But the judge can order the bank to consider a repayment plan, or offer some other resolutions besides going straight through with the legal process of foreclosing on the home. The judge can also put a hold on the sheriff sale, since he is the one ordering the sale in the first place. In fact, the judge wields an enormous amount of power over the bank, for some unknown reason, but this power can be used by the homeowners in self-defense, if necessary. Passing up this option is a major mistake for homeowners attempting to prevent foreclosure.

The bottom line is that foreclosure is never inevitable once it starts. To make sure they have the best chance of saving the home, foreclosure victims merely need to take advantage of what options are available and make sure they can make the payments on time again, or come up with the money to reinstate, or have enough time to pursue an option like a foreclosure refinance or a sale. Having a sheriff sale scheduled is obviously a major stumbling block, but homeowners have more options than they are aware of to obtain the time necessary to work on a solution to foreclosure.

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