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Likely, you or someone you know are facing foreclosure proceedings. By this point bankruptcy may be the last thing you are considering. but you should consider it; both as your first option and as your last. The question is Can Foreclosure Be Stopped Without Filing for Bankruptcy?
You have two most viable options to stop foreclosure without filing for bankruptcy: mortgage reinstatement, and a loan modification, also known as refinancing .
If you pay a lump sum amount equal to the arrearage, fees, costs, and interest incurred as a result of the default, your loan has met reinstatement. Foreclosure has technically been stopped at this point. Bringing your mortgage up to date is a great way to stop foreclosure. Once your mortgage company reinstates your mortgage, just make your normal monthly payments.
Refinancing is another option for avoiding foreclosure. But this will only work if you act very early in the foreclosure process. If your mortgage company has gone through all the steps to schedule a foreclosure auction they will have a hard time to grant you a modification. But usually only about 20% of people qualify for refinancing once they are in foreclosure.
That being said, If you are facing a foreclosure auction, you are at great disadvantage if you do not file for bankruptcy prior to the auction. Bankruptcy is the only bona-fide, legal means by which to stop a foreclosure auction.
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Please check www.badforeclosure.com or call Lee at 855-449-1963 Our YT channel has some video info as well .. https://youtu.be/EVZGtywrpo0
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