The only thing that can stop a foreclosure is money Most property owners will seek to file bankruptcy to stop a foreclosure. That bankruptcy only delays the foreclosure process. "The only thing that can stop a foreclosure is money".

To file bankruptcy it will cost around $1,000 or more if you qualify you will pay a monthly bankruptcy fee to the attorney. As the property owner pays the bankruptcy fee, the interest is adding up per month on the delinquent mortgage (s), that interest is eating up the equity in the property.

Example of the numbers when the property owner started the bankruptcy.

1. The property value is:   $ 200,000

2. Principal owed to date: $105,200

3. Equity in property:        $  90,000

If you owed your bank 4 payments @ $1,200 per month (P&I) that is $4,800 in Principal and interest that is owed to the bank. For simplicity sake lets say that the interest is $1,000 out of the $1,200 monthly payment. "The bankruptcy delays the foreclosure at the fourth none payment, and you start paying the bankruptcy fees at that point per month".