The short answer is yes and no… or at least in part. Filing bankruptcy halts the foreclosure process like pulling an emergency brake on the car. The problem is that just like the car, nothing stops it completely… well except a big brick wall.
Strange analogies aside. Can Bankruptcy Stop Foreclosure… in most cases the answer is actually NO, it just delays it. It sends your file to a different department and the levels of bank bureaucracy make it difficult to get back on track. In some cases, though you are talking about a 60 day delay vs a short sale which can delay foreclosure proceedings up to 1 year or more in some cases.
As a side note, a short sale not only stops the foreclosure process but it actually costs you nothing and is hurts your credit less in most cases!
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nope it didn’t!
It didn’t? Bankruptcy can stall the foreclosure, but it’s not a sure thing. If you can’t pay they will eventually get the house back. A short sale may be our best option.