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Constantly we are approached on what can stop a foreclosure sale. We feel that we try to touch on many different alternatives (including the new HAFA Programs) in order to postpone foreclosure but the Final Say So is a Bankruptcy. Its the ultimate trump card so for all those concerned that they are about to loose their homes they can rest assure that they still hold the power to keep it there; at least for a period of time while the strike up a game plan to keep them there permanently.
Particularly the Chapter 13 Bankruptcy filing is often done in order stop the sale of the property up until the very last minute. Most importantly this option exists because homeowners do find themselves in many cases needing to file a Bankruptcy. Either having a large balance of consumer credit debt or an overall loss of income many find themselves with no better option. Debt restructuring is sometimes a necessary evil and if it were not for the credit impact it would probably be more common place. In fact in some cases some find that they will actually qualify sooner for a new mortgage loan than if they went through the entire foreclosure proceedings. Now whether there is a need to file a Chapter 7 Vs. Chapter 11 Vs. Chapter 13 (there are even a few others but that is why it is important to speak to a bankruptcy professional). Many times homeowners looking to complete a short sale find that with some lenders being unwilling to postpone a foreclosure sale for a short sale so at times it is an option to get the needed time in order to have your case reviewed.
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