Does filing bankruptcy delay a foreclosure?

Question by mr.t’smom: Does filing bankruptcy delay a foreclosure?
How does this work? We are currently three months late. We are filing bankruptcy very soon. How long until we will have to get out of our home?

Best answer:

Answer by mpape_1
The motion either you or your bankruptcy attorney will stop the foreclosure process. Unfortunately it’ll start back up again if you don’t try to catch up with your payments. Eighty percent of the bankruptcies filed to stop foreclosure fail because people don’t realize they still have to pay off your debts. PLEASE don’t file for bankruptcy. It’ll kill your credit, especially if you go back into foreclosure.

If you want to stay in your house file a loss mitigator to help you out with a loan-modification. ALL BANKS do this.

If you’re willing to walk away, whether you have equity or not, instead of answering those “We buy houses” letters try googling “sell home fast” or “stop foreclosure”and type in the city where you live. The investors who have a website most likely know what they are doing.

Good luck.

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One Comment/Review

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