I am a Real Estate and Bankruptcy attorney, and the caveat hear is that im giving you my opinion and not legal advice. Most, if not all of the time, the filing of a consumer Chapter 7 Bankruptcy will halt the foreclosure proceedings for a specific period of time. However, what usually happens is that the lender will make a motion to lift the automatic stay (in non-legalese when you file for Bankruptcy all creditors are basically stopped from attempting to collect from you-with small exceptions). The bank will likely file a motion to lift this stay, basically stating (Hey, we want our money or we want to foreclose on the property). There arent many defenses here, as if you had the money to pay it off you wouldnt be filing for Bankruptcy in the first place. Furthermore, there are some quite serious considerations to filing for Bankruptcy regardless of the foreclosure (and many of those depend on your states laws). My suggestion is to IMMEDIATELY go see a few attorneys. Many of us don't charge an initial consultation fee and should be able to answer all of your questions. I don't mean to use hyperbole, but you're walking along a minefield right now and you need a few people to navigate your way out of this mess. Go speak to someone, make sure you trust them and feel good about them and go from there. Good luck to you.

if your foreclosure is due to an adjustable rate mortgage FHA secure will take you out of it and give you a fixed FHA rate. Current less then 6%. Regardless of your credit. As long as you have at least 3% value in your home and you can show you can pay the new payment. Also that your current credit is because of a bad loan. That takes a letter.

Call a really good FHA approved lender that knows how to do FHA Secure. Your lender wont foreclose if you have an approval from FHA. It should only take a couple days to get that. Your 3 day right of recession can also be waved if needed for time. I good lender might be able to get you totally credit approved on an FHA Secure by tomorrow. Email me if you have any questions. Good Luck.

16 years mortgage real estate exp.

William,
In Pennsylvania you can stop the foreclosure by paying up your mortgage. I think you have up until the day of the sherrifs sale to stop the foreclosure. That is the best way to keep your hoe, although I am not a lawyer. I never advocate going into bankrupsy unless there is no other way.
I am sorry for your misfortune and wish you the very best of luck.
Michael

Michael D Delp
Mortgage Pro
4802 Old Bethlehem Pike,
Telford Pa. 18969
Ph- 215-453-1025
Fax- 215-453-1012
Cell- 610-762-0318
michaelddelp@aol.com
michaelddelp@verizon.net http://www.mortgagepro.instantlender.com

William,

It's not a good idea to get gossip on a forum for these kinds of issues. You have our sympathies, however.

You really should speak with a good Real Estate Attorney and I'd be happy to recommend one to you if you'd like to email me.

I hope to hear from you and wish you luck!

Thanks,

Jolie Lindholm
Red Reef Realty Inc. http://www.redreefrealty.com
http://jolielindholm1.point2agent.com
561.756.2363 (cell)