The best way to delay the home foreclosure

One of ways to delay the foreclosure process would be to declare a bankruptcy.This would be termed as the “Automatic Stay” since the lenders would not be able to carry on with their proceedings.The foreclosure would be stopped immediately.Thus unless the bankruptcy is dismissed again,the lenders cannot sell the home through the sheriff sale.The borrowers can also voluntarily dismiss the bankruptcy filing – this can be done after a proper solution to pay the mortgages back is found.

filing bankruptcy to stop and delay the foreclosure

Thus filing for bankruptcy would be a idea on the mind of many home owners to temporarily stop the foreclosures – delaying the foreclosures is definitely possible.But you can also use the time you get for searching solutions that could get back your home without bankruptcy.You can either look for a refinance or another solution during this period.

Do not miss the bankruptcy plan payments:

Make sure that you are able to manage the bankruptcy plan payments- if you miss any payments then that would be result in dismissal of the bankruptcy filed by you.Thus the lender would be resuming the foreclosure.