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.

How Does Foreclosure Work ?

A foreclosure process is started by the mortgage lender in most cases. It is a long drawn process and is mainly held to sell a property that has been held on mortgage lease. A foreclosure period can be divided into pre foreclosure and foreclosure. The foreclosure process is started by the mortgage lender when you default two or more payments.