Question: I need to stop a foreclosure on my house in Alpharetta. The bank said they are going to foreclose on my house in the next month. I got a letter from the bank and now I'm scared. I need to make sure I keep my house, at least for some more time. There are a lot of foreclosure homes in my area. I think we're on some foreclosure listing service and that the foreclosure process has begun. People have been coming to our house and asking to look around. Real estate agents are stopping by.
I'm behind about 6 payments. I couldn't make the payments because I had other bills to pay like credit cards, medical bills and I was getting my wages garnished by a debt collector. And my car needed an expensive repair. I got my hours cut at work and that caused most of the problems.
Now I need to stop the foreclosure and buy some time to get back on my feet. I need to know how to stop the foreclosure process. What are my options?
V.J. in Alpharetta, GA.
Answer: Filing bankruptcy will stop the foreclosure, at least for some time. If you file a chapter 7, then the finance company will be delayed in foreclosing. There is no exact time, but it might delay the foreclosure for between 1 to 4 months (it depends on a number of factors).
If you file a chapter 13, then you can put your mortgage arrears into the bankruptcy. That is, you can put the 6 months of payments into the bankruptcy and pay them off over several years. Many chapter 13 plans are for 5 years; so you can pay-off those 6 months of payments over 5 years. But you must make all mortgage payments going forward. As Alpharetta bankruptcy attorneys, we have helped many people in your situation.
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