If you file bankruptcy, it will stop the foreclosure of your home. The type of bankruptcy you file will determine what type of foreclosure remedy you will have.

Chapter 7 Bankruptcy:

A Chapter 7 bankruptcy will temporarily stop the foreclosure sale of your home. However, it will not permanently stop the foreclosure sale. A Chapter 7 case will give you additional time to try to sell your home, work out a loan modification with your lender, or just find somewhere else to live. The amount of additional time you have typically ranges from 45 days to 9 months, depending on how quickly your lender acts to get the foreclosure back on track.

Chapter 13 Bankruptcy:

A Chapter 13 bankruptcy can permanently stop foreclosure. In order to do this, you must begin making your regular monthly mortgage payment, starting with the next payment to come due after your case is filed. The amount you are behind on your mortgage will be included in your monthly Chapter 13 payment