After missing three to six months of mortgage payments, your lender is authorized to initiate a foreclosure process. Depending on how your lender chose to go about the foreclosure process, you can lose your home in less than three months if care is not taken. However, if you fear losing your home to foreclosure, filing an emergency bankruptcy can help you stop foreclosure immediately and save your home. Foreclosure is a process that happens within a few weeks, making it difficult for you to negotiate an alternative solution with your lender properly.

Filing for bankruptcy will give you the time needed to negotiate with your lender and explore other alternatives. Most lenders do not set a foreclosure sale date immediately, which provides you with more time to contact them and take about available solutions. However, if a foreclosure sale date has been set, you should take action before the proposed day. The reason is that once a foreclosure sale has been concluded, you might not be able to save your home except your state has redemption law.

An emergency bankruptcy allows you to fill out only a few documents and save time compared to the standard bankruptcy procedure. You will be given additional days to complete full out all necessary documents. This is to help you save time and stop foreclosure immediately, that’s why it’s called an emergency bankruptcy. It’s as effective as other forms of bankruptcy and will stop foreclosure on its track.

Contact your attorney, discuss your situation with him or her and conclude on your next step of action. Sometimes you don’t need to rush to file an emergency bankruptcy. Depending on your state and the law guiding foreclosure, you should have enough time to go through the standard process of filing for bankruptcy.