What Are The Ramifications Of Foreclosure ?

A foreclosure process means the lender who loaned the amount to the homeowner to buy a house is seizing the house and putting it on sale or auction in order to recover the lent money. The reason a mortgage company does this is because the borrower has defaulted the payments. If a borrower has defaulted on the payments for more than sixty consecutive days, then the lender has the right to foreclose a property.

Can Bankruptcy Stop Foreclosure ?

After the recent recession it has become common thing to come across bankruptcy and foreclosure cases. There are two types of bankruptcy cases that have been filed and are common. They are Chapter 7 and Chapter 13. Several people, who have lost their jobs and could not afford to keep up their payments, have filed for bankruptcy. However, the courts are concerned that many people who need not file are also filing for bankruptcy for various reasons.