Bankruptcy is the only way to guarantee a foreclosure is stopped immediately. All the other ways of stopping foreclosure (asking for a modification, filing a postponement with the county, etc.) don’t stop foreclosure immediately either because they take time or they rely on the lender to take action. Bankruptcy is a powerful tool because it puts things into your hands and allows you to act right away.

How to stop foreclosure immediately

Filing a Chapter 7 or a Chapter 13 bankruptcy stops foreclosure right away. Any foreclosure sale that is scheduled is not only immediately canceled as of the moment a bankruptcy petition is filed, but if the sale happens regardless of the bankruptcy, the lender is required to undo it right away.

When do you need to file bankruptcy to stop a foreclosure sale?

A foreclosure sale can be stopped as long as the bankruptcy was filed immediately before the sale took place. This means that if the sale was scheduled for 10 a.m. on a Friday, filing a bankruptcy case at 9:59 stops the foreclosure. Once the sale occurs, a later bankruptcy will no longer stop that foreclosure—there may still be reasons to file, but a mortgage cannot be brought back into good standing (without paying it off in full) once the sale happens.

How much lead time does my lawyer need to prepare my case?

We have filed bankruptcy the same day the borrower got in touch. The more lead time we have, the better, but we’re often your best option if you’re down to the wire.

What do I need to gather before I stop my foreclosure?

To stop an emergency foreclosure, we’ll need a couple of things. First, your pre-filing bankruptcy fee will need to be paid in full ($2,250-$4000, depending on the case) and in certified funds (cash, cashier’s check, money order). You’ll also need to file an online credit counseling class (this is mandatory before we file an emergency case). Other than that, what you’ll need varies case-by-case, and we can let you know when we talk.