Do I need to declare bankruptcy if going through foreclosure?

Question

i AM GOING THRU DIVORCE, i HAVE ANOTHER HOME i CAN PAY FOR, ALONG WITH ALL MY CREDIT CARDS, ECT. i CAN,T PAY THE OTHER HOUSE NOTE, i CAN'T LIST IT BECAUSE i ONLY HAD IT 2 MTHS, AND WON'T SEE THE MONEY BACK

Answer 1

You can declare bankruptcy without going through foreclosure, but you'll have to keep paying on the house or you'll lose it in foreclosure.

If you can get another home, I'd do it right away because your credit is only going to go downhill from here, if you can't pay the other house bill.

Depending on your area, I may be able to recommend someone to help you get rid of the other house and avoid a foreclosure on your record.

Answer 2

Keep documentation of your efforts to resolve the situation. Note when you call, write, or send faxes to the bank and what you are attempting to negotiate with them. If they are in bankruptcy right now, there is a good chance your loan will be owned by a new bank in a period of time. That bank will only see that you are behind and in foreclosure. Your plan should be to save up as much money as possible right now (at least the amount of your normal monthly payment) and put it in a separate bank account. Once the new bank contacts you, whether it is to pursue foreclosure or not, you should start negotiating with them, using the documentation and money in the bank as bargaining chips. If the new bank does not work with you, then you should take the matter into court and show a judge how you have been attempting to work out a plan but had never gotten a response. Foreclosure is supposed to be used as a last resort, so if the bank is not responding to you, you need to show that you have tried to fix the situation outside of the court. Hope that helps. ForeclosureFish

Answer 3

hire an attorney who would advise you on bankruptcy....

5 Tips For Getting An Attorney for your Bankruptcy
With many people trying to live beyond their means combined with job instability has led to the increasing number of people declaring bankruptcy. As a result, a new legislation called the "Bankruptcy Abuse and Consumer Protection Act" has been enacted. Many people cannot pay off their debts and now have to face new laws for filing bankruptcies..............

Answer 4

You don't have to if you don't want to