Answers about Mortgages
The bank foreclosed on my property and plans to sell it at a sheriff's sale (or auction). Can you contact the bank today to help me stop the sale?
No, our agency cannot verbally contact the bank until you have provided us with a written, signed letter. If the sale is imminent, you may need to consider seeking legal counsel to stop the foreclosure or sale.
If there isn't time to contact us before the sale occurs, you should still contact us afterwards if you believe that the bank was wrong in its actions. If you have questions, please contact the OCC Customer Assistance Group at 1-800-613-6743.
Under your credit agreement, you must make timely payments; if you fail to do so, the loan is in default and the bank may exercise its right to repossess or foreclose on the property that secures the loan.
The bank is not required to notify you of their intent to seize the property. But they are required to advise you of the sale date and time so that you have an opportunity to purchase the property.