Tips to avoid a foreclosure
File for bankruptcyLeBlanc notes that sometimes bankruptcy is a viable option if you have no longer term options.
Chapter 13 bankruptcy allows homeowners to keep their homes if they can persuade a court to allow them to repay the delinquent payments -- and regular, future payments -- within a specified time period, typically between three and five years.
If you cannot repay the debts, filing for Chapter 7 bankruptcy may delay the foreclosure further and give you more time to organize your money. However, if you run out of time, you will lose the house.