subject: What You Need to Stop Foreclosure Sale [print this page] If you have gotten to the point where a foreclosure sale is going to happen, unfortunately your options to stop foreclosure sale have become limited. You need to look at your specific situation and decide what the best course of action is for you. There are some things that you will need to think about in order to decide how you want to move forward.
You need to look at, truly look at, what your financial situation is. Are your money problems temporary or permanent? If they are temporary, you might be able to workout a solution with your bank. Call them and explain what your situation is. They may be able to temporarily lower your payments or stop them entirely for a specific time period. The only way you are going to know if they can help is if you ask.
If there has been a permanent change to your financial situation, your bank still may be able to work with you to stop foreclosure sale. They may be able to offer you a workout package where your monthly payments are permanently lowered. But it is also possible that your bank will not work with you or cannot work with you.
If that is the case and if you have stable employment, you might be able to do a chapter 13 bankruptcy. Overall a chapter 13 bankruptcy lets you restructure all of your debt into payments that you can afford. This is an especially good option if you have debt other than the mortgage. You will want to talk to a good bankruptcy attorney to discuss your options.
