A timely filing of bankruptcy bny the debtor/owner of a property will put a halt to the foreclosure action. In order to proceed, the mortgage holder will need a bankruptcy court order "lifting" the automatic stay.  Generally, the mortgage holder must show that the debtor has no equity in the property and that the property is not essential to the rehabilitation of the debtor.

These are general descriptions and no legal or tax advice is intended. Consult the proper professional for specific advice.