Can Bankruptcy Help With Foreclosure ?
You may be able to avoid or delay the foreclosure of your home by seeking bankruptcy protection. If you are facing foreclosure and the lender has refused to work out a deal or other alternative, bankruptcy may provide some answers. When you are behind on your mortgage payments, your lender will most likely take steps to begin a foreclosure process. The first document you will be served with is a Lis Pendens. Once a Court rants a final judgment of foreclosure, your house will most likely be sold at a public auction and the amount paid will be applied against what you owe the bank or lender. In many instances this will not be enough to pay off the balance on your loan., In those cases, the lender will still pursue your for a deficiency judgment. payment of your loan out of the auction. Remember, a foreclosure does not happen in a day, or even a week. It usually takes months before a Final Summary Judgment motion can be heard. This is the hearing where the lender will ask the Court to gra
