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Can You Stop a Foreclosure?

Jul 20, 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.

Many people use the fine line of filing for bankruptcy and declaring bankruptcy to avoid bank foreclosure fast. Why, because the moment you file for bankruptcy all foreclosure proceedings must stop. The mortgage company as well as, anybody else that wants to collect money from you must stop. The federal government has you under their protective umbrella. Bill collectors can't even call you.

When you file chapter 13 you must give the court within 30 days your plan to pay your creditors. You have 30 days to complete this filing, failure to complete the filing will result in you having your chapter 13 stopped. After the dismissal all creditors can start their procedures where they 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.

People who use this to avoid bank foreclosure only buy time. Time is good if you need to save money to move or to find another place. Time is also good if you have some way to get a lump sum of money, or to gather funds from other places to give the mortgage company. This would relieve you of a lot of problems.

Question comes up, how will filing for bankruptcy affect my credit rating. First it only appears on your credit file when you complete your filing, if you don't submit a plan for chapter 13, then your filing is not complete. Secondly, if you are facing foreclosure your credit is already messed up.

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
Uncover the startling dangers of a foreclosure that could cost you your home and the tactics necessary to halt, delay or avoid bank foreclosure in the next 20 minutes!
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