Have you received a notice that your house is going to be sold at a foreclosure sale on a certain day? The notice may be from your mortgage lender if you live in a "non-judicial" foreclosure state or it may be from your mortgage lender's attorneys if you live in a "judicial" foreclosure state. If you have received a notice, you probably want to know how you can stop the foreclosure sale.

The only real way to stop foreclosure sale is to pay your mortgage lender. I know, if you could do that, you wouldn't be in this spot in the first place. Aside for paying your home lender, you may consider filing bankruptcy.

An important aspect of bankruptcy is called the "automatic stay". Whenever anyone files bankruptcy, most civil actions, such as foreclosure, are temporally stopped as of the time of the bankruptcy filing. This means that if a foreclosure sale is to take place at 11:00 AM, but you file bankruptcy at 10:59 AM, the foreclosure sale is temporally stopped. Obviously, you cannot file at the last minute simply because you need to have time to notify your home lender that you have filed bankruptcy. But it is possible to file and notify your mortgage lender within minutes.

There are two types of bankruptcy that are applicable to most individuals. A "Chapter 7" bankruptcy and a "Chapter 13" bankruptcy.

A Chapter 7 bankruptcy may delay a foreclosure sale because of the "automatic stay", but it will not stop a foreclosure sale unless you pay your mortgage lender. If your home lender is not paid, it will file in bankruptcy court for permission to go on with the sale. And in most cases, the bankruptcy court will give permission.

A Chapter 13 bankruptcy may actually stop a foreclosure sale. There is still the "automatic stay" to delay the sale. But because a Chapter 13 bankruptcy is a court approved payment plan, you will be allowed to pay mortgage payment arrearage over time. If you complete the payment plan, you will have paid your mortgage lender and the foreclosure sale will have been stopped. On the other hand, if you do not complete the plan, your home lender will not be paid and will ask the bankruptcy court for permission to go on with the foreclosure sale. In most cases, the bankruptcy court will give permission.

Other than paying your mortgage lender or filing bankruptcy, you really do not have any options to stop a foreclosure sale. You can talk with your mortgage lender, but once a foreclosure sale is set, your mortgage lender is less likely to talk with you to delay or stop the foreclosure. However, there is no harm in asking your home lender to stop or delay the foreclosure sale.

This is general information only and not legal advice. If you need specific information or have any questions of any nature whatsoever, talk with a lawyer licensed in your state.

This article may be republished, but the wording must not be changed and the author links must remain active.

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