Some mortgage foreclosures can be stopped utilizing what is called a “Chapter 13” bankruptcy. This plan permits you to slowly pay back the amount that you are behind on your mortgage, while at the same time making your normal monthly mortgage payment. The plan takes 3 to 5 years to complete. That may seem like a long time, but bankruptcy is a valuable tool for stopping the bank that should not be overlooked. Filing for bankruptcy stops the bank in its tracks, because an “automatic stay” is put in place, preventing any creditors from proceeding against you or your property until it is lifted.
Ask bankruptcy attorney James J. Cassar, Esq. about the process if this is something you are considering. There are sometimes alternatives that should be assessed first.