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My house is scheduled for foreclosure tomorrow. Can we stop the foreclosure?

 

Yes. As long as we get the case filed before the foreclosure sale is finished, the foreclosure is stopped, even if they don’t know that we have filed it. In an extreme emergency we don’t even have to file everything; just a basic petition and a list of all of your creditors. We can file the rest later.

But waiting until the last minute is not a good idea. Any little thing that goes wrong could stop us from getting to the courthouse on time. It could be car trouble, or a power failure, or an illness in the family. And once the auctioneer’s hammer goes down on the foreclosure sale, the house is gone. It is practically impossible to un-do a foreclosure once it’s over, even if the mortgage company or their attorney made a serious mistake in the process. Don’t take that chance.

Both Chapter 7 and Chapter 13 will stop a foreclosure, but if you want to keep the house you need to file a Chapter 13, because you have the absolute right to keep the house if you can make the payments. If you have reached the point of foreclosure, it is extremely unlikely that the mortgage company will let you reaffirm the debt in a Chapter 7. For more discussion of this subject, go to the separate page on Repossessions and Foreclosures.