Missing a mortgage payment can instill fear in the heart of a homeowner. When the payment is missed, the lender might start the countdown to foreclosure so it is imperative the payment is made as quickly as possible. Typically, lenders won’t start official foreclosure procedures until a person has missed two to three payments. With this in mind, it might be possible for you to work something out so that you can rectify the missed payment in a few months as long as you don’t miss another payment.
Sometimes, there aren’t any ways that you can make the lender happy with what you are able to do. One option that you might have is to file a Chapter 13 bankruptcy, which could provide you with financial relief from other bills while holding the foreclosure off for a bit. This might give you the opportunity to get caught up on the payments so that you can keep your home.
This doesn’t mean that bankruptcy is a surefire way to stop the foreclosure. Even though there is an automatic stay issued with the bankruptcy, the lender might file a motion to lift the stay. If the court approves it, the foreclosure proceedings can proceed. You should try to get your payments caught up or attempt to work out a modification with the lender right away so that you might be able to avoid this happening to you.
Make sure that you consider all of your options for handling your financial situation. If you decide that bankruptcy is the right option for your needs, get the case filed as quickly as possible so that you can enjoy the benefits of Chapter 13 quickly.