Let’s cover some of the strategies for delaying foreclosure. There are many different ways to delay a foreclosure and I recommend that you combine these strategies along with the strategies for a stay in your house strategy or a move out of your house strategy that I have here. Delaying can be necessary when you are trying to figure out where to go or what to do next. Not to mention the fact that every extra day you can stay in your home it is a good thing. A future one of these free lessons will include over 15 different delay strategies that you can use to assist you in whatever you’re looking to do.
My foreclosure option #9- Delay foreclosure with chapter 7 bankruptcy- Chapter 7 bankruptcy wipes out all your debt and will also delay a foreclosure. It won’t completely stop it but it’ll allow you to stay in your house for the two to four months that it takes for the bankruptcy to be processeed. Because the mortgage attached to your house, and your house is like a person that cosigned on the loan, your lender can still collect against the house by foreclosure whether you file chapter 7 bankruptcy or not.
My foreclosure option #10- Delay foreclosure with a chapter 13 bankruptcy- I just discussed chapter 13 bankruptcy as a way of staying in your home however like I mentioned normally it doesn’t work out anyways. I have been told by a bankruptcy attorney that fewer than 10 percent of chapter 13 bankruptcy plans are ever completed. However chapter 13 bankruptcy can work great as a delay. If payments are not made it will at the minimum delay everything for the date that that you file the bankruptcy to the time it takes to drop back out and be released out of the bankruptcy for foreclosure. Typically this is a minimum of a 60 day delay and can end up being much more of delay depending where the foreclosure was in the local court system. Remember that a bankruptcy of any kind is a federal court process and it trumps any lower court process and will halt it in its tracks immediately as soon as its filed until it can be pulled back out.
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My foreclosure option #11- Delay foreclosure by litigation- Also there are delay strategies that involve litigation. You can file an answer pro se. Usually it is in your best interest to file an answer when you are facing judicial foreclosure. You can also file a continuance after you file your answer which simply means you would file a paper saying “I can’t meet at this hearing could you reschedule for further on” and that type of thinking will give you extra time in a judicial foreclosure. I spend a whole lesson on tips for filing an answer and continuance as well as offering a sample answer and continuance in pdf format in a future lesson. You can sign up for that by taking a test drive of my free stop foreclosure videos.
Also there are other options for litigation where if you get an attorney where you definately need an atorney and I always recommend you get an attorney when you are in foreclosure. A good attorney who’s experienced can find places where the foreclosure attorney maybe didn’t file his or her paperwork properly or good attorney can defend you based based on the compliance of the lender in the way they wrote the loan and serviced it and attempted to collect the debt. In so challenging the case your case can be delayed or it could easily get thrown out of court. A good attorney can probably delay a foreclosure case indefinitely through counter suits that focus on a variety of different levels. So I always recommend an attorney if you’re trying to delay or move or whatever you do. Make sure sure the attorney you hire has experience doing what you’re looking to have them do.
Stay tuned to these video lessons. I will be focusing on 15 separate strategies for delaying foreclosure.
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