Ways To Slow Down Or Stop The Foreclosure Process?

Comments(6)

• 
  dym7th March, 2004

  Ask for a loan modification (will probably require a payment w/in the past 60 days and the account probably needs to be atleast a year old). Have them snail mail the info, spend a week or two reviewing it, then snail mail it back. It'll be denied, of course, but it soaks an extra month.
  
  Then do the same thing requesting a forebearance.
  
  Then file for Chapter 11 (or 13, the non-corporate one, definitely not 7). Sit on it for under 60 days, then re-tract it. (not the actual term, but should give an idea of what it entails).
  
  None of this is to be taken as legal advice. It might work for you, it might not, but those are options.

• 
  falkwillis7th March, 2004

  If owner files bk13 just to stop the sale and then pulls it out again after a couple of weeks (days), sorry, don't know correct term, does that affect his CREDIT as a regular BK, or not at all (if he was only in BK 14 days, let's say, do the agencies already pick it up??).
  
  Thanks!
  
  Falk

• 
  KevinIL7th March, 2004

  yes, filing BK shows up on the credit report. However it will show as dismissed instead of completed.

• 
  falkwillis8th March, 2004

  So, is a dismissed (after 3 weeks) bk already messing up their credit up for the next 7-10 years?

• 
  KevinIL8th March, 2004

  It would be a negative entry but not nearly on the order of magnitude of a completed BK.
  
  Also, even though a BK stays on your credit report for 7 yrs you can still get credit usually within 2 yrs of the discharge. You'll pay higher interest rates for the privilege though.

• 
  falkwillis8th March, 2004

  Thanks, Kevin!