what's better, foreclose, or file bankruptcy...?

Question

credit is bad already for missing pymt. but as homes going through foreclosure, should i file bankruptcy, or should i just let foreclosure happen and not worry about it...? what are the pros/cons of it all.....

thanks for all these answers and i mean it. just wanted to add details that i tried short selling the homes yet lenders didn't wanna accept the offer being lower than their expectation, and they take too long to give that answers so buyers ran away. so shortsale wasnt the option avail. for me.

i asked 1 of the 4 lenders im involved if theres lieu of foreclosure and the answer was no-

i also visited 'we buy home' company and looks like they want to offer me so cheap. i know lenders dont bother the price if that cheap.. not sure how that works and i hear scheme stories.

so lost.

Answer 1

Do NOT file for bankruptcy! The only one who will win is your lawyer. Like the others said, sell your home. Call a "we buy houses" guy in the paper or from a bandit sign. Most likely they can put you in with the local short sale expert. If you can still afford your home but had a hardship that is over go to http://www.preforeclosureusa.com/us and contact them or some other loss mitigation company. They specialize in keeping people in their homes not buying them at a discount. Again, don't do bankruptcy as the laws have changed and you will probable have to pay all the debt back anyway in the form of payments.

Answer 2

Neither contact your lender and ask for a short sale. It will put the home on the market and you should be able to stay there until it sells. The way the market is right now it should give you a long period of time where you will pretty much be living there for free. Then when it finally does sell it will be a lot better than foreclosure or bankruptcy.

Answer 3

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RE :What's better, foreclose, or file bankruptcy...?
credit is bad already for missing pymt. but as homes going through foreclosure, should i file bankruptcy, or should i just let foreclosure happen and not worry about it...? what are the pros/cons of it all.....
Update: thanks for all these answers and i mean it. just wanted to add details that i tried short selling the homes yet lenders didn't wanna accept the offer being lower than their expectation, and they take too long to give that answers so buyers ran away. so shortsale wasnt the option avail. for me.

i asked 1 of the 4 lenders im involved if theres lieu of foreclosure and the answer was no-

i also visited 'we buy home' company and looks like they want to offer me so cheap. i know lenders dont bother the price if that cheap.. not sure how that works and i hear scheme stories.

so lost.
Follow 11 answers

Answer 4

neither are very good, you will be more likely to recover from a bankrupcy quicker- as long as you play your cards right and keep up with your other bills afterwards. another thing to consider is the other bills you have may not even be bankruptable- with new laws in tact- most people have to actually pay most of the debt back after filing bankrupcy, this is something that you will have to consult with a attorney about with your particular situation.
you should try to stay away from both scenarios though-both show up negatively on your credit report as a judgement agaisnt you. I f you have a house - SELL IT!! the market is on the way out- sales are slow , but prices are not that bad still- I would recommend throwing your house on the market for bare minimum for a quick sale ...you might still have a chance to sell it cheaply and recover from the whole ordeal.

Answer 5

it depends on how bad it is. sometimes it is better to claim bankruptcy than to foreclose because the foreclosure will destroy your credit anyway and you will be forced to pay the creditors back anyway. bankruptcy will take 7 years to recover (which could be equal for foreclosure if it's bad) but you will not have to repay the debts. I would hire a bankruptcy lawyer and discuss your options. I think the total cost is around $600. I haven't done it but have known several people who have and it worked out for their situations.

Answer 6

Don't file bankruptcy unless you will gain something else from it. The foreclosure will still go through if you don't make your payments. Bankruptcy could stall it for a few months but that is about it. Seek professional help before making a decision. It is not a DIY project.

Answer 7

Foreclosure is a house ,
Bankruptcy is your entire financial life .

If all our debts exceed your income than bankruptcy may be necessary but the laws have changed and they even mandate credit counseling before granting it .

Have you inquired into a short sale / deed in lieu of foreclosure ?

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Answer 8

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Answer 9

Hi,

If you have multiple repayment commitments, its better to go for bankruptcy. If only the home loan is bothering you too much, you can prefer foreclosure. You can visit http://bankruptcy.grantsaccess.info to get your query on bankruptcy well clarified. Good luck!

Answer 10

Lots of people think that once they’ve filed for bankruptcy they will be unable to ever get a loan again, and ultimately they are unable to do anything financial ever again. This isn’t always true, there arewill help to improve your credit history in a number of different ways.