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    #1

    What If?

    I don't want to file bankruptcy, it is my house that has got me in such bad financial trouble. Which is worse between filing bankruptcy and foreclosure and which will effect my credit the worse? Say I paid the mortgage on the house for 6 months and the bank forecloses, can I still write off the interest on taxes for that 6 months?

    Stuck between a rock and a hard place.....
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    #2
    Originally posted by tomorgan
    I don't want to file bankruptcy, it is my house that has got me in such bad financial trouble. Which is worse between filing bankruptcy and foreclosure and which will effect my credit the worse? Say I paid the mortgage on the house for 6 months and the bank forecloses, can I still write off the interest on taxes for that 6 months?

    Stuck between a rock and a hard place.....

    Hi,

    A cut and dry answer to your question. BK is worse than a Foreclosure. You can foreclose on the property, and still be balance billed for all negative equities, taxes, etc...........ultimately causing you to file BK post foreclosure.

    Good Luck!
    The information provided is not, and should not be considered legal advice. All information provided is only informational and should be verified by a law practioner whenever possible. When confronted with legal issues contact an experienced attorney in your state who specializes in the area of law most directly called into question by your particular situation.

    Comment

      #3
      Also, do you want to keep the house or not? Is their any equity in the house? and, are your payments up to date?

      But yeah, generally speaking a BK is worse than foreclosure, but their are other factors to consider.

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