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Can You Stop a Foreclosure?

By: G.Grizzell You have defaulted on your mortgage and now you are facing foreclosure.There are things that can still be done to avoid bank foreclosure.

Many people are finding themselves in the same situation. They are facing foreclosure, for what ever reason they were not able to pay their mortgage for 3 months straight . Take heart there is still things that you can do to stop your foreclosure fast.

You can put yourself under the protection of the federal government by filing for a chapter 13 bankruptcy. While you are under the federal government's protective umbrella creditors can not call or harass you about what you owe them. It must all stop! How soon? It happens immediately. In fact when they call, if tell them you just filed for bankruptcy, the only thing they can ask is for the name and phone number of your lawyer.

When you file chapter 13 you must give the court within 30 days your plan to pay your creditors. You have 30 days to complete this filing, failure to complete the filing will result in you having your chapter 13 stopped. After the dismissal all creditors can start their procedures where they left off.

I have known people to use this technique to avoid bank foreclosure fast, they file, let time go by and then file again until the mortgage company declares that you are abusing the system. In essence you are abusing the system but sometimes that's hard to care about when it's your family facing the streets.

People who use this to avoid bank foreclosure only buy time. Time is good if you need to save money to move or to find another place. Time is also good if you have some way to get a lump sum of money, or to gather funds from other places to give the mortgage company. This would relieve you of a lot of problems.

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.

There are many things you can learn about how to avoid bank foreclosure, it is best not to wait to the last minute to learn these things. That would be like jumping in the ocean and deciding it's time to learn how to swim.