Foreclosure is a process. If you are available to make all of your back payments while staying financially solvent you should do so. If you can get your mortgage payment current without further assistance the foreclosure process will be immediately halt as soon as payments are current and any applicable late fee is paid.
Denver Bankruptcy FAQ:
Foreclosure & Mortgage Help
Filing bankruptcy may help you keep your Denver home
A foreclosure can have lasting effects on your ability to get loans in the future and can end up causing other serious financial problems. When bankruptcies are not appropriate for your situation, the option of negotiating a short sale with your lender will prevent significant detriment to your credit report and may very well work in your creditors best interest. It is an option you can explore on your own or by contacting a lawyer or credit counselor.
Negotiation with your lender can be an option regardless of a person’s ability to file bankruptcy. It can be difficult to negotiate terms with your lender after you are already facing foreclosure, but many banks and lending institutions would prefer to keep borrowers in their home and paying their mortgage even if it required accepting less each month. The process of debt negotiation can be difficult but a qualified lawyer can help you negotiate your mortgage payments down to a manageable figure.
No. Bankruptcy can put a stay on foreclosures that have not yet preceded to the repossession and sale of a home but cannot turn back the hands of time. Bankruptcy can be started as soon as it becomes apparent an individual cannot possibly repay all debts they owe, so there is no reason to wait till after your home has been repossessed to file.
Yes. Although your mortgage can not be discharged and the terms of your mortgage will not be effected by bankruptcy proceedings, bankruptcy can help resolve past due mortgage payments, fees, and halt or prevent foreclosure proceedings.