foreclosure

Author Message
rosebud.com

Guest






PostPosted: Thu Oct 29, 2009 9:06 pm    Post subject: foreclosure

If you end up in foreclosure on your home, do you have to file bankrupcy?
_________________
Need help choosing the right loan? Get free consultation from community lenders/consultant
Icon Mini Profile jenkin7
jenkin7



Joined: 04 Jun 2007

Posts: 4292
Location: Hawaii
677.83 Dollars($)
PostPosted: Thu Oct 29, 2009 10:01 pm    Post subject:

Hi rosebud,

It is not necessary to file bankruptcy even after your house has been foreclosed on. Why do you want to file bankruptcy? Do you want to save the home from foreclosure? Or do you want to get rid of the deficiency through bankruptcy?

If you file bankruptcy, it will put a temporary stop on the foreclosure proceedings. In chapter 7 bankruptcy, your assets will be sold to pay off the loan. In chapter 13 bankruptcy, you will have to follow a repayment plan and pay off the debt in 3-5 years.
Icon Mini Profile gunzijjistaff
gunz.ijjistaff



Joined: 07 Apr 2009

Posts: 603

14.18 Dollars($)
PostPosted: Thu Oct 29, 2009 11:09 pm    Post subject:

No its not required.

Thanks.
Quick Reply
Your Name
Subject
Message body

All times are GMT - 7 Hours
Page 1 of 1

 
Highlights
Helpful References
Mortgage Guide
Mortgage Terms
Mortgage News
Book Center
Shop and Compare lenders
30 Yr. Fixed Vs. 5/1 ARM


Calculators     [View all]
Are you eligible for loan?
How much you can afford?
Calculate monthly payment
Calculate APR


Financial Tools
Credit Repair Tool New
Mortgage Planner
Simple Budgeting Tool


Our Community
MortgageFit Blog
Community Professionals
Community Rewards
Introduce yourself
Website tools


Community Rewards
Five simple ways to earn money with the Mortgage Community.

MortgageFit Live Help

Explore the lender near you

Google Map Image

MF Talk



DebtConsolidationCare    Insurance community: We Make You Insurance Smart    CreditMagic: Helping you build up credit


We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0
Website Feedback
Feedback Analytics