bankruptcy or forclosure

Guest 0.10 Dollars($)

no one ever just came out and said it,what is the better road to take,bankruptcy or forclosure? i have to make the call and wanted a second opion.

larry · Joined: 27 Jun 2007 Posts: 3328 473.40 Dollars($)

Hi Guest.

Welcome to the forum.

If you compare between BK and foreclosure, I think filing bankruptcy is better than foreclosure. But you will have to get approved for filing BK.

If you file BK, then you will not loose your property and get a repayment option. But if your mortgage is foreclosed, then you will be going to loose your house.

Feel free to ask if you have any further questions.

Best of luck.
Larry

Guest 0.10 Dollars($)

i have herd of people filling bk on there homes and gutting out the house takeing appliances and so forth.can the lender come after the owner for them or do they have the right take them. one more thing i have got the letter on my door that my home is going up for auction sale in ten days,does that mean i have to be out on that tenth day?

thomascorrao · Posted: Mon Feb 04, 2008 12:30 pm Post subject:

I'm not an attorney, but yes I think you need to be out.

Please call a local real estate attorney first, don't panic. It might be a scare tactic from the lender, so call an attorney, then call your lender. You might be able to work out some type of terms with the lender to keep the property.

Good Luck!!

larry · Joined: 27 Jun 2007 Posts: 3328 473.40 Dollars($)

Hi Thomas,

It seems you are new here. Welcome to the forum.

Very good suggestion Smile

. Hey you can introduce yourself at http://www.mortgagefit.com/introduce-yourself.html

Hope you will enjoy participating in the forum.

Best of luck.
Larry

thomascorrao · Posted: Mon Feb 04, 2008 1:24 pm Post subject:

Thank you Larry. I'll do that.

adonis · Posted: Tue Feb 05, 2008 1:09 am Post subject:

Crazy,

Just have a look at this discussion on whether to file bankruptcy to avoid foreclosure . I think it will help you understand what to do.

evolovik26 · Posted: Tue Feb 05, 2008 7:55 am Post subject:

Thing is they are 2 completely different things and have almost nothing to do with each other. As far as I know Bankruptsy does not stop foreclosure but postphones it.
Now as to what is better it really depends. If you can file BK but still keep your mortgage in good standing then BK can be better. If the mortgage going to go bust anyways then its a double whammy.
My best advice is when you faced with such a decision review your options, all of them, very carefully.

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