When your lender has notified you of its intent to foreclose on your home, you may think that you can do little to save your home other than getting caught up on the payments. You may believe that you have no legal rights that you can use to save your home from being taken.
However, even with you being significantly behind on your mortgage payments, you still have legal rights that your mortgage company must observe during the process of seizing your home.
If you ask a bankruptcy lawyer about Chapter 7 bankruptcy, you will quickly learn that they call this the "liquidation" branch of bankruptcy. When you think of this word, you might realize that it means to sell things to generate cash to use for a purpose. Therefore, you might assume that you must sell all your things to repay your debts. While you might have to surrender some assets if you use Chapter 7, many people keep most of their assets.