Jan 14, 2008

How Bankruptcy Can Be Used to Deal With Foreclosure, Part 2


As readers of this blog know, bankruptcy can be used to effectively deal with foreclosure. In keeping with my last post on the subject, I've just published an article in the Nolopedia, Nolo's encyclopedia of free legal information:

"If you are facing foreclosure and cannot work out a deal or other alternative with the lender, bankruptcy may help.

"If you get behind on your mortgage payments, a lender may take steps to foreclose -- that is, enforce the terms of the loan by selling the house at a public auction and taking payment of your loan out of the auction.

"This won't happen overnight. The foreclosure process typically starts after you fall behind on your payments for at least two months and often three or four. That gives you time to try some alternate measures, such as loan forbearance, a short sale, or a deed in lieu of foreclosure..."

To keep reading, click here.