Stop Foreclosure in Idaho With Bankruptcy
Bankruptcy is the most certain way to immediately stop foreclosure in Idaho–even when a loan modification or other means cannot. That’s because of the bankruptcy’s automatic stay, which immediately prohibits creditors from taking any collection action against you–including foreclosure. The automatic stay is effective as soon as your bankruptcy petition is filed with the court. This may provide the relief that you need to get your finances in order. To determine whether bankruptcy will enable you to keep your home depends upon a number of factors. You can read more on our blog. Our experienced Idaho foreclosure attorney can help you determine if your home or other property may be saved by filing for bankruptcy.
Chapter 13 to Stop Foreclosure in Utah and Keep Your Property
The power of chapter 13 bankruptcy can help you if you are behind on your mortgage or automobile payments and you want to keep your property; Chapter 13 may be just the solution you need. In a Chapter 13, the mortgage arrearages may be paid over the course of a three to five year repayment plan allowing you the needed time to get your finances in order and keep your most valued possession. In addition, if your property is worth less than the amount you owe it may be possible to reduce the amount you owe to the value of the property.
What is the Foreclosure Process in Idaho?
Like most western states in the United States, Idaho recognizes Deeds of Trust (in lieu of a mortgage), which is a legal instrument similar to a mortgage but allows the creditor to foreclose non-judicially instead of requiring a law suit to foreclose. Deeds of Trust simplify the foreclose for the creditor and remove other protections to the homeowner. As a result nearly all creditors will foreclose by following Utah foreclosure statutory framework. In general this requires a Notice of Default and Election to Sell the property to be recorded with the County Recorded. The creditor then must wait at least 3 months to allow time to resolve the arrearage. Then the creditor must notice a date and time of the sell in a newspaper of general circulation and a notice must be posted on the property. At the designated date and time the property is sold to the highest bidder. A bankruptcy case that is filed prior to the foreclosure sell stops and invalidates any foreclosure sell following the filing.
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Stop foreclosure in Utah today with the help of our experienced bankruptcy attorneys. Your fresh start is just over the horizon!
Areas We Serve
Boise, Idaho 83713
Lehi, Utah 84043