Should I file bankruptcy to avoid foreclosure?

Guest 0.10 Dollars($)

I missed a couple of payments since the few months. The lender send us notices and also called up a few days back. He insist on doing a foreclosure. Do you think I can avoid it filing a bankruptcy?

Guest 0.10 Dollars($)

You can file bankruptcy and avoid foreclosure. But its risky!!

adonis · Posted: Sun Dec 24, 2006 9:47 pm Post subject:

Welcome Caitlyn.

Filing chapter 7 will also put a stop to foreclosure proceedings.

helping_user · Posted: Sun Dec 24, 2006 10:32 pm Post subject: RE:

Hi Caitlyn,

Filing chapter 7 will no doubt stop foreclosure but it's temporary. As soon as the court gives the permission, the proceedings will start off.

I think filing Chapter 13 is better as it will give your creditors the impression that you have at least tried to pay a portion of your debts. And, it will also have a lesser negative impact on your credit report as compared to Chapter 7.

Thanks

clowery · Posted: Tue Dec 26, 2006 5:22 pm Post subject:

Caitlyn, you could file bankruptcy, but inevitably you will still lose your home if you do not make the payments. Your best option would be to refinance. Your interest rate would probably be higher than what you're currently paying, but if you have equity in your home we may be able to cash-in on that equity and avoid foreclosure by writing you a check for it.

Caron · Posted: Tue Dec 26, 2006 10:11 pm Post subject: welcome message

Hi Clowery,

Welcome to our forums.

Thanks for your suggestions. Hope you enjoy participating in our forums. Smile

Thanks,

Caron.

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