Title: Understanding Your Foreclosure Rights | Credit.com
Headings: Mortgage Foreclosure FAQs: Understanding Your Foreclosure Rights
Mortgage Foreclosure FAQs: Understanding Your Foreclosure Rights
Foreclosure Defined
What Happens When a House Goes into Foreclosure
Foreclosure and Your House-Related Debt
Lenders’ Obligations in a Mortgage Foreclosure
Ways to Stop or Prevent a Foreclosure
Defenses Against Foreclosure
Tax Issues Related to Mortgage Foreclosure
How Mortgage Foreclosure Impacts Your Credit
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Content: File for bankruptcy. Filing a bankruptcy petition that includes your mortgage puts an automatic stay in place. This means that lenders can’t continue any type of collection procedure until the bankruptcy has been resolved or dismissed. Whether or not you keep your home depends on what type of bankruptcy you file and whether you can work out mortgage payments in the future. Filing for bankruptcy can have severe consequences for your credit and finances. Consult with an attorney before moving forward with this option. Defenses Against Foreclosure
If the lender has already filed for a foreclosure and none of the options above will work for you, you might be able to legally fight the filing with a technical or substantive defense. Only you and your attorney can determine how to proceed through the process. Technical defenses are defenses to the foreclosure proceeding itself. One example of a technical defense is when a property owner is not given adequate notice of the default and proceedings.