Bankruptcy to Stop Foreclosure – Important Tips That Many Don’t Know But Can Help Save Your Home
If you are at the verge of losing your home to foreclosure, it’s important to know that it’s not the end of the road yet. You can still stop the process, if you know how. This article looks closely at what bankruptcy really is and how it can or cannot help you stop foreclosure.
First things first, do you really know what bankruptcy is or how declaring bankruptcy can help you or not. If you are wondering why you need to worry yourself with definitions or learning what bankruptcy is, the foregoing paragraph is much more than that. It will surely help you in improving your understanding of the process.
Bankruptcy is a legal proceeding in which you as a debtor get to declare your debts – either consumer or business debts – as at when due. By filing for bankruptcy, you are allowing yourself the chance to seek a discharge with lawful authorization from continuing your personal liability on the mortgage.
Furthermore, it allows you the chance to reorganize financially by seeking an extended period in which to make more money and finally return to pay off all that you owe. OK, so it’s only a temporary solution. But you will agree with me that it gives you the breathing space you need to get back in line – unless you win a chapter 7 bankruptcy approval, which will be a major plus because it is a forgiveness.
If don’t right and at the right time, you will be able to stop the process of foreclosure using bankruptcy. But of course, it’s best to do your due diligence to learn more about the process before taking any action.
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Fred Weaver is a founding co-owner of Group 46:10. He has been working in the financing/real estate business for over 7 years. Fred began his real estate career by working for a large wholesale bank as a processor and rate/lock specialist for home mortgages. After 2 years in the business, Fred transferred from the banking side of home loans to the mortgage side. While on the mortgage side of financing, Fred gained experience originating mortgages and processing files for Morgan Capital of Arizona, Inc.
Kevin is a founding co-owner of Group 46:10. He began working in the real estate business in 2007 after spending 8 years working in the finance industry for companies such as Bank One, Green Tree Financial, & GE Capital.


