Welcome to day one of the trial version of sort sale your home and get paid course, today we’re going to be talking about ways to extend the time you have in foreclosure. I’ve come up with over 15 different ways and if for some reason you found one that I haven’t included and fill in the feedback down at the bottom of this page to let me know. I’m going to talk about these different ways but I want to make it clear that I don’t condone all of these activities for all instances. By using these strategies you may be able to buy yourself some more time for your particular situation. Remember I’m not an attorney, the only legal advice I’m giving you is to check with an attorney for legal advice.
This information is for educational purposes only and you should always consult with an attorney first and by the way making sure you consult with an attorney.
Delay foreclosure technique number 1- The first and probably one of the more well known ways of delaying a foreclosure is chapter 7 bankruptcy. Any kind of bankruptcy will immediately stop your foreclosure where ever it is. A chapter 7 bankruptcy will actually dissolve all debt and absolve you of the responsibility to pay your debt. It will temporarily delay foreclosure with the US bankrupmoretcy court. Usually it will buy up to 45 to 75 days, sometimes more sometimes less depending on your local foreclosure system and your local bankruptcy court judge as well.
Delay foreclosure technique number 2- The second way of delaying is chapter 13 bankruptcy. This type of bankruptcy reorganizes your debt and creates a payment plan. The most recent law changes mean that more people will be forced to file this type of bankruptcy. If you were to simply file this bankruptcy but never make the payments it will still buy you has much as 45 to 75 days and sometimes even more. Again it differs from municipality to municipality. If you make payments according to the plan and properly include mortgage debt in the bankruptcy you should be able to permanently stop foreclosure, however, I warned you in lesson one of that typically a chapter 13 payment plan is not realistic. It is very difficult to be successful with a chapter 13. However it will force your lender into a payment plan.
Delay foreclosure technique number 3- Another way that people use to delay foreclosure is what I call a “hybrid bankruptcy solution.” You want to check with an attorney on this but it is where you could actually file a string of bankruptcies to increase the time even more. Typically you can’t file one bankruptcy after another. However I have known people who mixed it up a little bit. For example a husband could file Chapter 13 and delay the foreclosure. Then when that gets kicked out of bankruptcy court and is days from the foreclosure sale he could file Chapter 7 bankruptcy and delay it more. Then when that gets kicked out of bankruptcy court and is approaching the sale date the wife could do the same thing filing Chapter 13 and Chapter 7 strategically. Such a strategy used by itself has been known to delay foreclosure for more than a year of extra time. Obviously there are attorney fees involved but what’s an attorneys fee when you didn’t have to make your house payment.
Delay foreclosure technique number 4- File a written answer in the court system, asking for more time. You need to do that as soon as you get notice of legal action. This could easily buy you an additional 30 to 60 or more days. If you don’t file a answer typically the case goes straight to default judgment and the foreclosing lender doesn’t even have to prove the facts of the case which makes it much cheaper, easier and quicker for the plaintiff.
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