Delay Foreclosure Legally

Tools available to delay foreclosure process

Lis pendens may delay and even stop foreclosure

Lis pendens is a pending litigation or lawsuit. You may stop the sale of your home when you record the notice of lis pendens. Lis pendens is not a lien but a possible future lien. When you or somebody else records a lis pendens, buyers of your home know that there is a potential claim against your home. And, buyers would not want to buy a property subject to lis pendens.

Remember: procrastination is your worst enemy. But if all of your efforts ended with no satisfactory result, then delaying foreclosure gives you more time to try some other alternatives. Don't lose your hope and don't ever quit!

Also remember that foreclosure is not to the best interest of your bank or lender. It's a bad publicity. Any reasonable offer that you can make has a good chance to be accepted.

It takes more time for lenders to launch an immediate foreclosure. Foreclosure is costly and hurts their reputation. Furthermore, they are banks and are assumed to be liquid. There are multiple federal agencies continuously supervising their activities and their liquidity and solvability. Taking over your home as an illiquid asset hurts their balance sheet.

Deed in lieu of foreclosure

Discussing your offer of foreclosure deed with your lender may give you some additional time.

Need help? Review your options to get foreclosure help by professionals (lawyers specializing in foreclosure, foreclosure consultants registered to assist homeowners subject to foreclosure, debt counselors, and real estate agents in California), California state agencies, county agencies in California, consumer advocacy groups, and nonprofit organizations in California.