Which would be better for me, foreclosure or bankruptcy?

Discussion in 'General Discussion' started by oddobot, Jan 27, 2009.

  1. oddobot

    oddobot carpe diem all diem long

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    Hey guys, I was just wondering, given the current financial crisis, since i'm having so much trouble keeping up with the mortgage payments, and I really want to keep the house, but with a girlfriend that's pretty much due to pop anytime between now and March 28th, i'm looking out for her interests too. So which would be better just go with foreclosure, or go for bankruptcy, and if I go that way, which chapter would be more beneficial for my situation?


    Thanks guys and gals,
    Jayson
     
  2. Motor_Master

    Motor_Master Lets the balls touch TFW2005 Supporter

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    I would find a good bankruptcy attorney in your area and discuss it with them. They changed the bankruptcy laws a couple of years ago and you'll definately want to talk to a professional and not a bunch of people on a message board... unless it's the "Professional attornies message board" :) 

    Good luck.
     
  3. Bryan

    Bryan ΜΟΛΩΝ ΛΑΒΕ

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    Okay, this is a horrible place to ask for advice on something like that. Each situation is entirely too individualized to make the proper determination without expert consultation. And like Motormaster said, bankruptcy laws have changed recently as have the foreclosure process--there are options available now that weren't as recently as a year ago.

    While I understand that if you're having trouble making mortgage payments, consulting an attorney might not be feasible. However, if you live anywhere near a metropolitan area, chances are you can find agencies or organizations that will provide free guidance.

    If nothing else, call your lender and be straight up with them. They might be willing to be flexible, since part of something is better than all of nothing.
     
  4. Keiichitron

    Keiichitron Not a physicist, dammit

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    firstly, agree with everyone, consult a professional. i don't think either option is all that great. maybe find a roommate to help cover costs?

    i quoted the above for emphasis. a lot of lenders are much more willing to work with you because they don't really want your place, it's much more hassle for them to take possession and try to sell it than it's worth and they'll often work with you.
     
  5. Hobbes-timus Prime

    Hobbes-timus Prime Well-Known Member

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    THIS, 1000 times THIS.

    But if you're interested in Transformer Fan advice, the best thing long-term is to sell your house and not ruin your credit standing with a foreclosure or bankruptcy. With a kid on the way, you do need to think long-term.

    But, yeah, you should absolutely consult a professional. Don't leave your kid's future up to us bozos.
     
  6. nkelsch

    nkelsch Do you know this Icon? TFW2005 Supporter

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    I know people who have had to move out, rent their place for the price of the mortgage then rent a smaller place to live in that meets their bills.

    There are more ways to handle the issue than simply bankrupt or foreclosure. You may need someone who can financially advise you as you may not be as 'cooked' as you think you are.
     
  7. MegaMoonMan

    MegaMoonMan www.megamoonman.com TFW2005 Supporter

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    That's...actually not a bad idea.

    Renting out a room is a good idea as well - but then you have to live with them.
     

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