will bankruptcy stop foreclosure

The bankruptcy and foreclosure processes are closely tied to one another.  If a customer files for bankruptcy while the loan is already in active foreclosure, then all foreclosure proceedings must be put on hold for a specific period of time as determined by the US Bankruptcy Court.
When a customer files for bankruptcy, and the mortgaged property is involved in foreclosure, the following events occur:
·         The customer files bankruptcy
·         The lender ceases foreclosure activities
The customer continues to be protected from foreclosure action until the following occurs:
The bankruptcy case is dismissed by the US Bankruptcy Court; or
The lender is granted a Relief from Stay; or
The chapter proceedings are terminated with a discharge or a denial of discharge by the court.

Although the foreclosure proceedings are ceased you will be placed on a repayment plan and if you miss even 1 payment you will be placed right back into foreclosure. We can get a repayment plan for you and keep a bankruptcy off of your record. Although repayment plans are an option we go a step further and push for a loan modification and also work to fix your adjustable rate. In bankruptcy that is not an option.

We will help stop foreclosure without having to file bankruptcy.

Tuesday, April 1st, 2008, by Foreclosure Help and is filed under "Bankruptcy to Stop Foreclosure, foreclosure process, loan mod, loan modification, repayment plan, stop foreclosure, will bankruptcy stop foreclosure ". You can leave a response here, or send a Trackback from your own site.