Can Bankruptcy Stop My Foreclosure Littleton?

Many a time we are faced with questions like “how can I stop my foreclosure Littleton?” or “will declaring bankruptcy help stop my foreclosure?”

For starters, dealing with foreclosure is not such an easy thing. Right from the moment your lender serves you a notice of intent, it’s very easy to get confused and as a result, some people end up doing nothing at all about this. These are the people who take the back seat and start praying that some miracle will happen and somehow take care of the pending mortgage payments.

While prayers can work miracles, your lender doesn’t need one, instead, they want the money you owe them paid as fast as possible, otherwise, they will proceed with the foreclosure notice and possibly sell your house in order to recoup the money you owe them.

Of course, when we are greeted questions from people asking how can I stop my foreclosure Littleton, even though we have an easy solution that we can give them right away, we have always ensured that we remain as professional as possible. First, we’ll try and assess your situation in order to give you the best advice possible. It’s true that selling your house to us in exchange for fast cash can be the best solution to your foreclosure problems, however, this should be the extreme option.

Before you think of selling your house in order to stop foreclosure, there are several other options you can use to make sure that your lender doesn’t proceed with the foreclosure. These options will depend on where the foreclosure process has reached, but most of them will ensure that you get to keep your house after all.

If I declare bankruptcy, will it help stop my foreclosure Littleton?

So, back to the big question: can bankruptcy help homeowners stop foreclosure in Littleton? Honestly, declaring bankruptcy will not stop your house from foreclosure, instead, this will only buy you some time to find the right solution that will eventually stop the foreclosure process.

In order to stop the foreclosure, there’s only one thing that can work and that is to pay your lender. Yes, this is the only thing that is making them come after you and if you can pay them, no one will come for you in the name of foreclosure. But with filing a bankruptcy, the bank or financial institution that you owe money will still come for you once the whole thing is complete and proceed with the foreclosure.

When you declare bankruptcy, secured debts like mortgages won’t be discharged by the court. As long as the bankruptcy process is still on, all of your debtors are forbidden from making any attempts to collect what you owe them – and this includes your mortgage financier. Once the bankruptcy is complete, the foreclosure notice will be revived and if you won’t be in a position to clear what you owe, the bank will take what is rightfully theirs – your house. Also, any other person that you owe will now have the right to come for your neck.

If you are in a temporary financial crisis and are very sure that things will be back on track after a short while, perhaps declaring bankruptcy can be the best option to stop – or rather prolong – the foreclosure process. With Chapter 7 bankruptcy, the process of foreclosure will be delayed, essentially buying you more time to sort it out. As for Chapter 13, it should serve well for those homeowners whose inability to repay the mortgage and other debts is strictly temporary. Unlike with the case of Chapter 7, Chapter 13 bankruptcy reorganizes your debts instead of immediately discharging them.

Regardless of the channel you take, lenders in both cases will still be entitled to proceed with the foreclosure process once the bankruptcy is done, but the good thing is that this period should be enough for you to work out something with your lender and get back on track with your mortgage payments.

If you are not sure of your chances of making your mortgage payments even after the bankruptcy has been finalized, you’d be better off without one. As noted, lenders will still come for you once the bankruptcy is complete and thus you may still be able to lose your house. To make matters worse, you will also have a black mark on your credit report, meaning that lenders will no longer trust your ability to repay your loans. In this case, the best option is to sell the house fast to cash buyers like Denver Property Flip, where you’ll get the money to repay what you owe as well as get on with a new life.

So, can bankruptcy help stop my foreclosure Littleton? Yes…..err, no. Call us now on (720) 370-9595 and we can help you stop foreclosure within a week.