Can I file bankruptcy and stop foreclosure or is a loan modification possible? 10 Answers as of October 27, 2016

I was told today that my home was in pre foreclosure.

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Ronald K. Nims LLC | Ronald K. Nims
Filing bankruptcy will stop a foreclosure, you can still get a loan modification while you are in bankruptcy.
Answer Applies to: Ohio
Replied: 10/27/2016
OlsenDaines | Rex Daines
You should do both: 1) fill out and send in a loan modification request to your mortgage lender and 2) consult with a bankruptcy attorney regarding a chapter 13 so that you are prepare to do that in the event the lender does not approve a modification. In the mean time, make a full mortgage payment (plus late fees) whenever you have funds available.
Answer Applies to: Oregon
Replied: 10/26/2016
Stephens Gourley & Bywater | David A. Stephens
Bankruptcy will stop a foreclosure for a period of time. Loan modification can stop it if it is agreed to by the bank.
Answer Applies to: Nevada
Replied: 10/25/2016
GARCIA & GONZALES, P.C. | Richard N. Gonzales
Depends on your financial situation. I would attempt the loan modification first. But be careful - keep your eye on the foreclosure sale date. Do NOT relax just because they are talking to you about a loan modification. Pay an experienced BK lawyer for one hour of their time to discuss your options with you. It will be money well spent. Good luck!
Answer Applies to: Colorado
Replied: 10/25/2016
Janet A. Lawson Bankruptcy Attorney
Janet A. Lawson Bankruptcy Attorney | Janet Lawson
A bankruptcy will stop the foreclosure, but only temporarily if you file for Ch7.. A ch13 will give you up to 60 months to cure the past due payments on the mortgage. A loan modification is possible while in bankruptcy. You should see local counsel to see what will work best for you.
Answer Applies to: California
Replied: 10/21/2016
    A Fresh Start
    A Fresh Start | Dorothy G Bunce
    Filing bankruptcy may not stop a foreclosure, but may only slow it down. There are two ways to deal with debt in bankruptcy, and without a lot of additional information about your situation, it is impossible to recommend any particular action to you. As a general rule, unless you have an overwhelming amount of other debt, bankruptcy should probably be the last option you chose to resolve your foreclosure. Bankruptcy attorneys do have access to a wide variety of tools to help you resolve your foreclosure.
    Answer Applies to: Nevada
    Replied: 10/21/2016
    Garner Law Office
    Garner Law Office | Daniel Garner
    Explore all opportunities for a loan modification before filing for bankruptcy. Use bankruptcy only as a last resort after an actual date is set for the foreclosure. Sometimes an application for modification, by itself, will postpone foreclosure.
    Answer Applies to: Oregon
    Replied: 10/21/2016
    Richard B. Jacobson & Associates, LLC | Richard B. Jacobson
    Nothing keeps you from seeking a loan modification. A bankruptcy will stop a foreclosure-but how long it can stave it off depends on Chapter in which you file, and whether you can produce a confirmable Plan. Consult an experienced bankruptcy lawyer; It's almost always worth the investment.
    Answer Applies to: Wisconsin
    Replied: 10/21/2016
    Patrick W. Currin, Attorney at Law | Patrick Currin
    Filing BK will temporarily stop a sale but since the debt is secured it is not a final solution.
    Answer Applies to: California
    Replied: 10/21/2016
    Law Office of Michael Johnson
    Law Office of Michael Johnson | Michael Johnson
    You can file and try to get mod with the bankruptcy.
    Answer Applies to: Florida
    Replied: 10/21/2016
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