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Avoid Bank Foreclosure

Jul 17, 2008
Are you facing foreclosure? Take heart there are still things that you can do to avoid bank foreclosure fast.

Many people are finding themselves in the same situation. They are facing foreclosure, for what ever reason they were not able to pay their mortgage for 3 months straight . Take heart there is still things that you can do to stop your foreclosure fast.

You can put yourself under the protection of the federal government by filing for a chapter 13 bankruptcy. While you are under the federal government's protective umbrella creditors can not call or harass you about what you owe them. It must all stop! How soon? It happens immediately. In fact when they call, if tell them you just filed for bankruptcy, the only thing they can ask is for the name and phone number of your lawyer.

This is known as filing for chapter 13. Once you have filed the court gives you 30 days to come up with a plan to pay back your debtors including your mortgage company. If you don't file your plan in a timely manner, meaning 30 days, your filing is dismissed by the court and foreclosure, as well as, other debt collecting starts where it left off.

I have known people to use this technique to avoid bank foreclosure fast, they file, let time go by and then file again until the mortgage company declares that you are abusing the system. In essence you are abusing the system but sometimes that's hard to care about when it's your family facing the streets.

If a person were to file chapter 13, let the time to file their plan lapse and then file the papers again they could possibly stop the foreclosure for almost 60 more days. After that the bank will probably tell the courts you are abusing the system and they should have the order of protection removed. Then depending on the state you live in will determine how the time you have left before foreclosure actually takes place. It could be an additional 30, 60 even 90 more days.

Facing foreclosure, in the first place, has wrecked your credit rating. This method won't make it worst. Using this method to avoid bank foreclosure has no effect on your credit report . Remember you only began the filing process for chapter 13, you did not complete the filing.

Avoiding bank foreclosure is not impossible you just need to be armed with the information to stop,delay or prevent a foreclosure.
About the Author
For 95% of homeowners in default,its not too late to avoid bank foreclosure.

Find more tactics you can benefit from to avoid, delay or stop foreclosure.
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