I’m not from Australia, but I would assume paying the amount due will stop this, you could also try to refinance with another lender, or prove hardship with your financial situation to get a second chance.

I want to file bankruptcy to stop a foreclosure, to buy more time to get a short sale, the deed is joint?
If I file bankruptcy, will it stop the foreclosure? We have been trying to sell the house since Jan. We have sent in two short sale offers and both were denied. The house is now in the foreclosure status and I am afraid we are running out of time. Also, if I file bankruptcy, will it affect my ex if he is still on the deed? If so…can he file a quick claim to release his name from it? Will the bankruptcy completely stop the foreclosure…or will it continue with my ex? Is there even an option where I can let the house go, have a clean slate and continue to start over once I file bankruptcy. Will they still go after my ex or just take the house?
Ok…maybe I didnt explain well enough. It looks like short sale may no longer be an option…so now I am asking about bankruptcy…and how it will affect my ex….if he needs to do a quick claim deed or not. Also, will the foreclosure proceedings stop…or will it continue since his name is still on the deed? If I do file bankruptcy…it may buy me time to get a short sale, if that is even possible.
I know a bankruptcy will stop the foreclosure on my end…but what about my ex…since I am willing to just let the house go. Please serious answers pertaining to the question.
I do not care about my credit right now…It is already messed up. I am worried about my exs credit and the foreclosure.

The quit claim deed only absolves your ex from the title of the house but since this was a joint account, it doesn’t remove his name from the loan or the responsibility of it. His credit will most likely be affected by the bankruptcy as well even if he signs a quit claim deed. Your best bet is to work something out with the lender.

I bank with Bank of America and was wondering how many months i could fall behind on my mortgage before they could start the foreclosure process and stop accepting additional payments from me? I have not gotten behind yet but was thinking of doing so to cushion my own account in these tough times.

Talk to the bank rather than ‘voluntarily’ defaulting on your mortgage.

The house is not up for auction yet, however I found out that my husband had not been making payments, the house is entirely in my name. Is it best for someone to purchase it and rent it to me or refinance it in their name? how does this work?

Until the actual foreclosure sale, you still own the house. Someone could buy it and rent it to you or loan you the money to pay off the mortgage.

It is normal because nobody wants to lose his house or any other important material possession he might have. Thankfully there are ways now to avoid foreclosure and other degrading situations.

In many cases banks are quite eager to work out an effective solution with people who are completely off financially, simply because they are too. Loan modification is one of the ways that is suggested by experts and economists, as an effective way to deal with balances and clients who are behind their payments. It is known that foreclosures are not beneficiary for the banks; on the contrary, they try hard to find a solution to ease their clients so as that they can pay off their debts. It is much more beneficiary to lose a little money by modifying the terms of your loan rather than run a foreclosure and black list you. They will lose money that comes with the interests and they will lose a constant client. In any case the idea of foreclosing is something that banks today really want to avoid.

Mortgage loan modification is the change of the initial loan agreement and it doesn’t refer to refinancing. It’s all about the change of the initial terms of the mortgage that are simply not working for you any more, either because your financial status has changed or because the increased interest rates made the payment of monthly installments too hard for you.

You can call the mortgage lender and try to work out a solution yourself, or you can simply consult with an expert who can give you a useful insight on what is available today and what can help you deal effectively with the payment problems you have. Mortgage loan modification can be achieved easily when a professional does the job for you, simply because he has the necessary experience to deal with these problems effectively. Experts have the inside knowledge of the lending market and industry, thus, they are in a position to negotiate with lending institutions in a more effective way and achieve new terms that can make you afford your loan again.

No matter how hard is the situation, it is important to remember that you do have the option to modify your mortgage, even if you are behind. You can at try to act on the problem, rather than do nothing, because this will guide you directly to a foreclosure. Research your options and find out how you can save your home.

Richard Palms
http://www.articlesbase.com/personal-finance-articles/stop-foreclosure-with-a-mortgage-loan-modification-755596.html