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You have a certain amount of time (depending on local governing laws) to make up the past-due mortgage payments and thus prevent the foreclosure from completing. However, if the payments are not made up, there is not too much more you can do.
At this point, I don't believe a Chapter 13 would save the property since the foreclosure proceedings are moving forth. The only option that I see available is a possible "Deed-in-lieu of Foreclosure." Basically, you would voluntarily surrender the deed to the property and leave on your own accord. That may help (and prevent) the auction, but you may still be held liable for certain fees and past-owed monies.
In other words, there still may be consequences. (We recommend seeking advice from a real estate attorney to learn what the law can do for you at this point.) |
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