Chapter 13 Bankruptcy can stop foreclosure of your home. Upon filing, your attorney will notify the appropriate parties to stop the foreclosure action. Chapter 13 can give you up to 5 years to catch up on the payments that you are behind on when you file your Chapter 13 case. You may also be able to get rid of a second mortgage if you qualify based on the equity in your home and the Colorado Homestead Exemption.
You must file the Chapter 13 Bankruptcy prior to your foreclosure sale to stop the foreclosure so do not delay. If you file after the sale occurs it will not save your home. Make sure you hire an attorney well before the foreclosure sale so that the attorney has time to properly prepare your Chapter 13 Bankruptcy.