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The main federal laws that pertain to foreclosures are bankruptcy laws and the Soldier and Sailors Relief Act.

If a person files bankruptcy this will stop the foreclosure process, in what is known as an automatic stay. The stay can be lifted on the property according to the type of bankruptcy that is filed. For a Chapter 11 bankruptcy, the bankruptcy court may "terminate, annul, modify, or condition such stay". In order to learn if you can keep your home and file bankruptcy you should talk with an experienced foreclosure attorney in your state, as all states have different laws governing foreclosure.

If you file a bankruptcy in order to discharge all of your debts, the lending company will be allowed to foreclose on your property if you do not have equity in the property at the time of the filing for bankruptcy. If you do not have equity in the home, the bankruptcy court will sell the property.

Soldier and Sailors Relief Act enacted in 1940 provide protection for armed forces that are serving active duty for loans that were executed before they went into the service. The act allows the person service active duty to apply for the court to set aside a default judgment prior to the foreclosure action. The lending company that begins the foreclosure against a service person must state the person is not servicing in active duty. If the person is in the armed services, he/she must be present or represented at the foreclosure hearing. This means that the foreclosure by power of sale is not available. If the court deems that the active duty person could not meet the terms of their mortgage due to serving in the armed forces, the court can stay the foreclosure action while the person is serving as active duty.

If you are need questions answered concerning federal laws that may apply in your foreclosure, you should consult with a real estate attorney to help you with the steps in the foreclosure process.

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