Will Bankruptcy stop a foreclosure? Hopefully during the foreclosure process was in motion you tried to get the foreclosure to stop. You could have tried a loan forbearance, deed in lieu of foreclosure or a short sale. If you have tried these with no luck, you may want to consider a bankruptcy. You can either choose a Chapter 7 bankruptcy which is a liquidation bk or a Chapter 13 or wager earner bankruptcy. Once you file, the court should issue an order of relief which should include an automatic stay. With the automatic stay, your creditors must cease any contact with you and collection actions. This includes your mortgage company. This is not a free ride, you will have to act quick to work out something with the bank. Your lender can still ask for a motion to lift the stay so they can proceed with the foreclosure.
Can a bankruptcy stop a foreclosure?
Compare debt negotiation vs credit counseling md
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment