Due to circumstances such as divorce, job loss, medical emergencies, etc., many homeowners cannot pay their mortgage payment. Many lenders will offer you solutions to ease your difficulties or make it easier for you to pay your mortgage. However, not all lenders do this. In states that use the non-judicial foreclosure process, your lender can initiate foreclosure after missing your payment 2 to 4 times. The time to start foreclosure varies with different lenders, and you can find out by looking at your loan agreement.
Once your lender initiates foreclosure, it’s a matter of weeks or months, and your home will be sold. But not until it’s sold, the battle isn’t over, right? Provided other options such as loan modification, short sale, deed in lieu, etc., did not work out with your lender. You can file for bankruptcy to stop foreclosure. Even when a foreclosure sale date is fixed, filing for bankruptcy will stop the foreclosure sale.
When you file for bankruptcy, the court will issue an automatic stay order that puts on hold all collection activities, including foreclosure, until your bankruptcy is finalized. Even if the foreclosure sale date is hours away, as long as you file for bankruptcy five minutes before the sale was concluded, you will be able to save your home. There are different chapters of bankruptcies. If you still want to own your home, filing for chapter 13, bankruptcy is the best option for you.
Filing for bankruptcy won’t just help you stop the foreclosure but will also give you the time needed to propose a new plan to your lender. Having an experienced foreclosure lawyer go through this with you can’t be overemphasized; this will ease your journey and save you from unnecessary liabilities. Take action now and save your home.
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