Having foreclosure trouble is not something that one would want to face in life. A humiliating experience to say the least, you could end up being dumped out of your home and ending up homeless! Hardly an appealing thought, especially if you have children at home! People have tried to stop foreclosure by making use of several options in the past such as scheduling a hearing at the foreclosure court, using the hardship letter for negotiations with the lenders, refinancing their homes at better rates and terms, and some even end up engaging in the services of debt management agencies to help them sort of their financial issues!
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However, all of those plans are not fool-proof, for instance if you are planning to take up the Mortgage Modification Plan from the President's office, knowing that only 4% have had their applications approved would undoubtedly deter many from taking up this option! Hope is still there however, because if all of these do not work, there is one last option available to you, Chapter 13 Bankruptcy!
Many states in the United States face thousands of foreclosure cases on a monthly basis, with examples such as Missouri and Illinois hitting the 2000 mark consistently every month without fail! Protect yourself from foreclosure (as well as future debts) when you opt for Chapter 13 Bankruptcy allows you to forget about your current mortgage debts, as well as permits you to not worry about the same debt ever again! Once you file for Chapter 13 Bankruptcy, it would stop the sale of your home, and the rest of your debt is taken care of at the same time. Your creditors would not be able to harass you once your bankruptcy lawyer takes charge of the case!
If you are struggling to service your mortgage, then chances are you would also be struggling with other payments and bills as well. Thus filing for bankruptcy would ensure that you get help in this segment as well! Being a federal lay, filing for Chapter 13 would force your lenders to sing to your tune, and it would also help you even if your home has already been sold at a lower price (as you still owe your lenders the balance of the loan). Other benefits from filing for bankruptcy include stopping repossession, no more worries from credit harassment and other relevant advantages that make bankruptcy a good final option for those who have tried all other options and failed in them!
Thus for the question of can bankruptcy stop foreclosure, the answer is most definitely yes, but be resigned that you would eventually lose your home after all and you would need to start off from scratch!
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