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Can You Stop a Foreclosure?

submitted: Jul 20th 2008 | by: G.Grizzell
Total views: 5 | Word Count: 363 | | |

The purpose of foreclosure is to get the bank out of debt, because you defaulted on your home loan. If you want to avoid bank foreclosure there is still help.

Many people are finding themselves in the same situation. They are facing foreclosure, for what ever reason they were not able to pay their mortgage for 3 months straight . Take heart there is still things that you can do to stop your foreclosure fast.

You can put yourself under the protection of the federal government by filing for a chapter 13 bankruptcy. While you are under the federal government's protective umbrella creditors can not call or harass you about what you owe them. It must all stop! How soon? It happens immediately. In fact when they call, if tell them you just filed for bankruptcy, the only thing they can ask is for the name and phone number of your lawyer.

Take note that I said file for bankruptcy not declare bankruptcy. You will have 30 days to give the bankruptcy court your plan. If you don't file a plan with the court by the 30 days the bank foreclosure procedure begins where it left off.

I'll leave it up to you to decide if you think this method to avoid bank foreclosure is ethical or not, some believe you got to do what you have to do. The bottom line is using this method to stop your foreclosure fast, will buy you time.

There are some people, believe it or not who have used this method over and over again until the mortgage company files an abuse letter with the court. By the time that occurred they had all the money they would have paid bills with put aside ready to leave the home and start fresh someplace else.

Facing foreclosure, in the first place, has wrecked your credit rating. This method won't make it worst. Using this method to avoid bank foreclosure has no effect on your credit report . Remember you only began the filing process for chapter 13, you did not complete the filing.

Avoiding bank foreclosure is not impossible you just need to be armed with the information to stop,delay or prevent a foreclosure.

About the Author

For 95% of homeowners in arrears,its not too late to avoid bank foreclosure.

Find numerous tactics you can use to avoid, delay or stop foreclosure.

Article Source: Unique Financial Articles

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