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You can delay a foreclosure with one of a few options

If your home is going to be foreclosed on, the foreclosure begins with a Notice of Default. This lets you know that you have missed four payments. From the issuance of that notice, you'll have between six months and a year before the entire foreclosure is completed in most cases.

If you have a mortgage on your home, the lender must get permission from the court to pursue a foreclosure. The Notice of Default starts the official process. You'll receive a letter one month after the fourth missed payment. You can typically stop the foreclosure process if you can catch up what you owe in the next two to three months. If not, then the foreclosure process will continue.

There are some ways to delay a foreclosure if you need more time to resolve any financial issues you may be having. A bankruptcy is one of those options. The lender may not pursue collection activities so long as you are in the bankruptcy process unless it is able to obtain permission from the courts. You may also want to consider a short sale. The lender may wish to allow a short sale in lieu of foreclosure, because these sales tend to bring in more money than a foreclosure. Additionally, the owner usually lives in the home until the sale, so there is a lower likelihood that the home will be ruined or have issues due to not being occupied like it may in a foreclosure.

Our website has more information on foreclosures. If you've received a Notice of Default, you may wish to consider bankruptcy or other options to delay the sale of your home.

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