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The only sure way to stop the foreclosure and give yourself a chance to keep your property is to file chapter 13 bankruptcy. If you file, the automatic stay provisions of the bankruptcy code will go into affect, which would stop the lender in its tracks.
If you were to file, you will be given the opportunity to file a repayment plan to pay this and your other debts over time. Generally, your plan can proceed for up to 5 years, but you can extend payments on your mortgage for 20, 30 or 40 years in an amount that you can afford.
You'll have to pay the arrearage and the full amount of the loan, but you will be able to reduce the payments to an amount you can afford and pay over an extended period of time.
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