Will Bankruptcy Stop A Foreclosure Sale

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Due to circumstances such as divorce, job loss, medical emergencies, etc., many homeowners cannot pay their mortgage payment. Many lenders will offer you solutions to ease your difficulties or make it easier for you to pay your mortgage. However, not all lenders do this. In states that use the non-judicial foreclosure process, your lender can initiate foreclosure after missing your payment 2 to 4 times. The time to start foreclosure varies with different lenders, and you can find out by looking at your loan agreement.

Once your lender initiates foreclosure, it’s a matter of weeks or months, and your home will be sold. But not until it’s sold, the battle isn’t over, right? Provided other options such as loan modification, short sale, deed in lieu, etc., did not work out with your lender. You can file for bankruptcy to stop foreclosure. Even when a foreclosure sale date is fixed, filing for bankruptcy will stop the foreclosure sale.

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