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Foreclosure is a legal process that enables a lender, such as a bank or a mortgage company, to take your property when you fall behind on mortgage or loan payments. Usually, the lender sells your property in order to recover the money you owe on the loan.
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Many people think Chapter 13 bankruptcy is the only way to save a home from foreclosure. But you may be able to delay or stop the foreclosure if you have defenses to paying the mortgage or if the lender has not properly followed state foreclosure procedures.
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Will Bankruptcy Stop Foreclosure?
When you file for bankruptcy, the automatic stay prohibits your mortgage lender from moving forward with the foreclosure process. However, how long this protection lasts depends on whether you file for Chapter 7 bankruptcy or Chapter 13 bankruptcy.
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Saving Your Home From Foreclosure With Bankruptcy
Some people file for bankruptcy in an effort to save their home from foreclosure. But does this strategy work? In some cases it will, but in others it won’t.
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Chapter 7 Bankruptcy and Foreclosure
If you are filing for Chapter 7 bankruptcy, whether you can keep your home depends on several factors
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Using Chapter 13 Bankruptcy to Avoid Foreclosure
Chapter 13 bankruptcy provides several opportunities for homeowners facing foreclosure to save their homes.
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If I Am Behind on My Mortgage, Can I Save My Home in Chapter 7 Bankruptcy?
A Chapter 7 bankruptcy, by itself, will not save your home from foreclosure. But there are times when Chapter 7 will be helpful to a homeowner in a foreclosure.
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Bankruptcy and Mortgage Deficiencies After Foreclosure
Question My house is in foreclosure, but I can't afford the payments and don't want to keep it anymore. The house is worth a lot less than what I owe on both the first and second mortgage. Should I file bankruptcy to discharge my liability on the deficiency?
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The Foreclosure Survival Guide
Facing foreclosure? Stay in your home or walk away with money in your pocket with the help of <em>The Foreclosure Survival Guide</em> by attorney <b><a href="http://www.thebankruptcysite.org/author/stephen-elias.html">Stephen Elias</a></b>. Essential for anyone at risk of foreclosure.
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Should I file for bankruptcy to protect my assets in foreclosure?
If you are facing foreclosure, filing for bankruptcy can give you at least a temporary break. As soon as you file for bankruptcy, whether under Chapter 7 or Chapter 13, a court order called the automatic stay goes into effect, which prohibits creditors from taking any actions against you to collect most debts. So, foreclosure proceedings will come to a halt, thanks to the stay.
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Can filing bankruptcy in Texas help stop foreclosure?
We've fallen behind on our mortgage due to a lot of debt, and we're considering bankruptcy. If we do file can we prevent our home from being foreclosed on?