Stop Foreclosure 1.1 2009/01/09 14:43:06.746 US/Central 2009/01/09 15:14:52.601 US/Central Rudy Rival rudylopes@leadrival.com Rudy Rival rudylopes@leadrival.com bankruptcy chapter 13 bankruptcy chapter 7 bankruptcy foreclosure leadrival Foreclosure is the legal proceeding by which a lienholder/lender gets a court order to terminate the ownership rights of a "homeowner." This module addresses ways to stop the foreclosure process. ForeclosureIn legal terms, foreclosure is the legal process by which a lienholder (i.e., lender or mortgagee) gets a court order to terminate the borrower's ownership rights. For a homeowner, this can happen for one of several reasons such as: Personal economic hardship (job loss, medical bills, etc.) Real estate collapse (home values plummet below the current outstanding value of the mortgage) Variable rate mortgages increasing payments beyond what the borrower can afford Any and all of these situations can combine to make foreclosure a real possibility.Avoid ForeclosureOne way to stop foreclosure proceedings is to file Chapter 13 Bankruptcy. Any bankruptcy filing will stop collection efforts against the filer, and Chapter 13 can ultimately allow the borrower to retain the house. Consult with a licensed bankruptcy attorney to see what your options are.