Mortgage Servicing and Loan Modifications: 6.5.3 Requesting Delay of Foreclosure Sales
At the outset, the most important request may be for a delay of the foreclosure sale process long enough to make a workout application. Depending on when the application package is submitted, and whether it is complete, such a delay may be required.85 A completed foreclosure sale will generally cut off all workout possibilities.86 In addition, as the foreclosure process moves forward, the mortgage holder continues to incur costs that will eventually have to be reimbursed by the borrower.