Filing For Bankruptcy to Prevent Foreclosures
A well known way to prevent foreclosures is to file for bankruptcy protection. Usually as soon as you file for bankruptcy, the foreclosure process freezes so you can remain in your home until the case is opened and sorted.
Filing for bankruptcy will stop the foreclosure process and waive all the late payments and have you pay just the current, which will go up for modification review with the court and the lenders in bankruptcy.
The lender, of course, can file a petition to remove the automatic stay on the foreclosure process. The court may grant if if there is reasonably cause.
