Many individuals will advise you that the most appropriate way to temporarily put a halt to foreclosure is to file for bankruptcy. Bankruptcy may be filed up to and including the day of the auction. This may well be the only option for those individuals who find themselves with unsustainable debt that exceeds the amount of their home mortgage. It is important to remember that a home can neither be placed in foreclosure or auctioned if the individual has filed for either a Chapter 7 or Chapter 13. If you are one of those individuals with an realistic expectation, you may find it extremely difficult to receive an offer from someone to buy your house.
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Sometimes when a homeowner is delinquent on mortgage payments and foreclosure appears unavoidable, it is natural to look for any means by which to salvage the situation. Unfortunately, due to the fact that the homeowner is not making payments, the lender will ask the Court to stay (i.e., prevent) the home from being included. In many instances, the stay will be lifted and the home will then proceed to either foreclosure or auction. Therefore, this is often merely a delay in the dreaded proceedings.
What are the advantages and disadvantages of this particular mortgage relief strategy?
One of the greatest advantages of bankruptcy is the fact that it can be done up to and including the last moment (i.e., just before foreclosure or auction). As soon as the action is declared, the auction and/or foreclosure proceedings will be suspended unless and until the lender obtains a stay that would preclude having the home listed.
Of course, the primary disadvantage to this particular strategy is the fact that, in many cases, the individual will proceed with the action and the house will still be foreclosed on and /or auctioned, destroying the individual's credit. Remember, this proceeding merely delays the dreaded action - it does not bar it. As an unwanted consequence, due to the missed payments and additional fees, the proceeding is even more necessary subsequent to the action than prior thereto.
If a homeowner has an opportunity to utilize some other mortgage relief strategy (e.g., short sale), this is typically preferable. The consequences of this particular strategy can often be disastrous for a long period of time.
Sadly, most bankruptcy attorneys will not apprise their clients of this fact! The vast majority of homeowners frequently consult with an attorney when considering this particular strategy in an effort to avoid losing their homes and destroying their credit.If you have realistic expectations, and are willing to work with individuals who specialize in procuring mortgage relief, you can often find individuals willing to buy your home at a premium price. However, if your expectations are realistic, you may find it very difficult to obtain the necessary relief.
If you are considering this particular mortgage relief strategy, it is advisable for you to discuss the matter with a real estate specialist who is knowledgeable in alternative strategies! Irrespective of the situation in which you find yourself, by utilizing individuals who specialize in this area, you will often find there are several ways in which the transaction may occur very quickly and painlessly.
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