Dear homeowner,
You have a few options. You can reinstate your loan by paying the arrearage, but you will lose that right after five days before the foreclosure sale date. Your safest bet, however, is to file for bankruptcy protection. Bankruptcy protections provide for an automatic stay against creditors from foreclosing on your property.
I would advise seeking help from an attorney so that your automatic stay does not become compromised.
Mitch Abdallah
Answered on May 27th, 2014 at 11:46 AM