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  1. #1
    Join Date
    Nov 2006
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    Default Will filing Bankruptcy stop Foreclosure

    Lender is foreclosing on my home. It is to be sold on Nov. 10th. at the local court house steps. Can I stop this by filing Bankruptcy? This is in New Mexico.

  2. #2
    Join Date
    Jul 2006
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    Default Re: Will filing Banktuptcy stop Foreclosure

    Bankruptcies generally forestall foreclosures, sometimes up to 60 days.

  3. #3
    Join Date
    Mar 2005
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    Default Re: Will filing Banktuptcy stop Foreclosure

    You have a very limited amount of time remaining until the sale. Try to schedule an appointment with a bankruptcy lawyer for the earliest possible date and time, as if you are going to try to get a bankruptcy action filed before Friday you'll have to move very quickly. Get together a complete list of your debts and creditors, as your lawyer will need that information. You may want to get a copy of your credit report (e.g., for free at annualcreditreport.com) as that should include most of your creditors.

  4. #4
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    Nov 2006
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    Default Re: Will filing Bankruptcy stop Foreclosure

    Thanks for the quick response. I don't think I can get the BK filed before the sale, can I put them on notice that I'm in the process of filing?

  5. #5
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    Michigan
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    Default Re: Will filing Bankruptcy stop Foreclosure

    They won't care that you're in the process of filing. They'll only care when they receive notice that you have filed.

  6. #6
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    Default Re: Will filing Bankruptcy stop Foreclosure

    Quote Quoting Legal info
    View Post
    Thanks for the quick response. I don't think I can get the BK filed before the sale, can I put them on notice that I'm in the process of filing?
    As far as I know, the only thing that stops a foreclosure is a bankruptcy.

    Notices don't stop foreclosures.

  7. #7

    Default Re: Will filing Bankruptcy stop Foreclosure

    Maybe you could just ask them for some additional time to work out a solution. Many lenders are willing to do this, if you ask them right.

    Bankruptcy should really only be considered a last option for stopping the sheriff sale. Payments go up, credit is ruined, most people fail to make their bankruptcy payments and lose their home anyway, etc.

    And if anything like this happens again, you definitely shouldn't wait until the week before the sheriff sale. Some states require lengthy credit counseling sessions (lasting 2 weeks to a month) before you can file.

    Giving them notice that you are filing might make them even less willing to stop the sale. Lenders generally don't like when their clients file bankruptcy, and do everything they can to obtain a release from it.

    Good luck, though. I hope you're able to save the home or buy it back after the sale, if need be.

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