Can I Stop a Foreclosure?

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by: G.Grizzell | Total views: 5 | Word Count: 384 | View PDF | Print View
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The purpose of foreclosure is to get the bank out of debt, because you defaulted on your home loan. If you want to avoid bank foreclosure there is still help.

It is not important to go over how you got here in your life. It might be medical, educational, raising interest rates, cost of living I could go on and on. The sad truth is foreclosures are increasing. We are in the midst of an economic crisis and many good and decent people are getting hurt. If you fall in this category, take heart, you are not alone. There are ways to avoid bank foreclosures.

What can you do to stop your foreclosure fast? One thing that you could do is to file for bankruptcy. I didn't say declare bankruptcy, just file it. Immediately after you file for bankruptcy All collection procedures must stop. You will immediately be protected by the federal government. All phone calls must stop. Collection must stop by the banks, utility companies, credit card companies, anybody that you owe money to.

Take note that I said file for bankruptcy not declare bankruptcy. You will have 30 days to give the bankruptcy court your plan. If you don't file a plan with the court by the 30 days the bank foreclosure procedure begins where it left off.

I'll leave it up to you to decide if you think this method to avoid bank foreclosure is ethical or not, some believe you got to do what you have to do. The bottom line is using this method to stop your foreclosure fast, will buy you time.

There are some people, believe it or not who have used this method over and over again until the mortgage company files an abuse letter with the court. By the time that occurred they had all the money they would have paid bills with put aside ready to leave the home and start fresh someplace else.

If you are facing foreclosure you most likely don't have great credit,so worry about filing chapter 13 should not be a concern. However, incomplete filings are not reflected on your credit report. It's like filling out a credit card application and then throwing it away.

Avoiding bank foreclosure is not impossible you just need to be armed with the information to stop,delay or prevent a foreclosure.
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