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Stop Foreclosure

Module by: Rudy Rival. E-mail the author

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Summary: 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.

Foreclosure

In 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 Foreclosure

One 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.

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