Which is worse for my credit, claiming banckruptcy on just my home or foreclosure?

Answer 1

with a foreclosure - you walk away and yes it goes on your credit BUT the federal government states that you are allowed to again own property 24 months from the date of foreclosure (if you keep the rest of your credit clean).

you cannot do this with a bankruptcy.

good luck :)

Answer 2

Neither are good on your credit report. If you can not make the monthly mortgage payments you should be more pro-active about this mortgage.

First of all you should contact your lender and see if you and the lender can work out something to eliminate the foreclosure. At least you can find out additional options that you might have.

#1. You might ask if you can get a deed-in-lieu of foreclosure.

#2. You might be able to re-instate the loan.

#3. There is a possibility of a short-sale.

So check out your options before you allow a foreclosure of you going into bankruptcy.

If you can not pay your debt, but want to try and safe your home, you might consider speaking with an attorney and see what your options are through curing your foreclosure by way of bankruptcy.

I hope this has been of some use to you, good luck.

"FIGHT ON"

Answer 3

They are all bad. You can obtain home financing after two years of a foreclosure or bankruptcy. However, you would need to reestablish credit and have a large down payment. Otherwise, wait seven years. We don't consider past bankruptcies or foreclosures after 7 years.

Answer 4

both are just as bad and will impact your ability financially for years to come. So if you can avoid it, do so. If you need help, try calling 888-995-Help. It is a HUD approved counseling service.

Answer 5

See a local lawyer who specializes in bankruptcy proceedings.

Answer 6

I don't think you can file bankruptcy just on your home.