Step 3. Bracing for foreclosure

Are you giving up?

If you have decided to give up on the fight, please rethink that decision. Before throwing in the towel, here are two things you can do: give the lender a call or attempt a last-minute sale.

Give the lender a call

At this point, you have absolutely nothing to lose. Give the lender a call and ask if there’s anything they can do for you or if they have any last-minute options. Though there may few to no options at this point, you won’t lose anything by calling their loss mitigation department. 

Try a last-minute sale

Even if the auction date is weeks, or even days away, you may still be able to sell the property to an investor or investment company. Realistically speaking, real estate investors are the only ones with the skills and funds to put a deal together within days. 

However, selling to an investment company will likely net you little to no money from the transaction. Putting together deals in such a short amount of time is difficult, expensive, and extremely risky for investors. 

Even so, and if the numbers work for all parties, investors can close within days. Experienced and well-funded investors can also pay the arrears, bring the loan current, and allow the title company the time it needs to close more complicated transactions. 

Even though the profit may not be there for you, selling to a real estate investor will keep the foreclosure off your credit report, and it will prevent you from paying anything out-of-pocket to sell. When push comes to shove, the decision to work with a real estate investor depends on your unique situation. 

Time to pack up

You’ve called the lender, and they can’t provide you with a solution. You’ve reached out to investors, but none can purchase the home. Now what? Well, the next step is to pack-up and find a new place to live in. 

Once the property is sold at auction, the new owner, usually a bank, will go through the eviction process by-the-book. The eviction, depending on many different factors, can take anywhere from a few weeks to a few months. 

Either way, we highly recommend that you move out of the property as soon as possible and call the lender to notify them that you have moved out. If you do not inform them, the lender will hire a field services company to check on the property to verify you are still living there. 

Once they confirm that the property is vacant, they will secure it, and the foreclosure process will be complete. 

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Common questions about Foreclosure

When will my lender file for foreclosure?

Most lenders will wait for the first payment to be 90 days late. This is not a rule, however. Depending on the state, a lender can file for foreclosure as soon as a payment is 1 day late. It’s up to the individual lender to decide on when they would like to take action.

Where can I get help?

Call your lender first. If you can’t get any help, go to or call them at 1-888-995-HOPE.