Can Bankruptcy Stop Foreclosure?

Save
Next Video:
How Does Foreclosure Work?....5

Filing bankruptcy before foreclosure action starts will result in an automatic stay of the proceedings, but it won't stop the foreclosure altogether. Stop a foreclosure by making mortgage payments with help from a civil mediator in this free video on foreclosure law.

Part of the Video Series: Foreclosure Help
Promoted By Zergnet

Comments

Video Transcript

You have gotten behind on your mortgage payments for your house and you have received a letter that indicates your lender is going to institute foreclosure proceedings on your house and you've been talking with some of your neighbors and some of your neighbors have asked you if you've considered bankruptcy to stop the foreclosure. Hello, I'm Robert Todd and I'm here to answer the question "Can bankruptcy stop the foreclosure?" Well, as you might imagine, nothing is really going to stop the foreclosure. Filing bankruptcy before the foreclosure action starts will result in what is called an automatic stay of any proceedings that the lender intends to bring about to foreclose on your property. But, it won't stop it altogether. In other words, by filing bankruptcy, you can delay the foreclosure proceedings and then the bankruptcy court, depending on what type of bankruptcy you file will sort out your particular financial situation to determine what assets you have, what liabilities you have, what creditors are going to get paid first, what creditors are going to get paid pursuant to a plan and so forth and so on. But, it's not going to stop foreclosure. Ultimately, you have to make your mortgage payments in order to stop the foreclosure. But, if you have any questions regarding bankruptcy or foreclosure, we recommend that you seek the services of an attorney that specializes in bankruptcy. I'm Robert Todd and thank you for watching.

Featured

Related Searches

M
Is DIY in your DNA? Become part of our maker community.
Submit Your Work!