There has been a lot of interest from homeowners to try and avoid a foreclosure by filing Chapter 7 bankruptcy. It should be known that filing a chapter 7 bankruptcy will not end the foreclosure process, it will only delay it for a couple of months.
It should also be noted here that a lending institution is able to make a legal request to the local state court, to remove the home from hiding behind bankruptcy.
The bank can go after your home immediately after you file for chapter 7 bankruptcy. The lender is able to move ahead with the foreclosure process if the court approves their motion.
Lending institutions have been known to move toward the court in order to stop a chapter 7 bankruptcy within a matter of a couple of weeks. If you are not up to date on your payments, it may be a turn in the wrong direction for you and your family.
Once the foreclosure process begins, your options diminish. However, every homeowner has the ability to sell his or her home in a short sale. This method of avoiding a foreclosure has helped thousands of New Yorkers, and continues to aid people nation wide.
Real Estate companies like, Premier Real Estate NYC, have managed to help many homeowners find unique opportunities with private investors/buyers. When a home is past due, and has accumulated a massive amount of debt, there are not many choices that will provide the homeowner with a clean way out.
Contacting Premier Real Estate NYC will give you some insight into what may be available for you in order to avoid the impending foreclosure. With a free consultation, you will be given a number of routes to take in selling your home.