Is Foreclosure and Banruptcy separate? Meaning do you have to file bankruptcy if your house is forclosed on? If my home gets forclosed on I can easily afford my debt. My house is currenlty upside down and I am wondering if its worth fighting for by filing for bankruptcy and then I eventually lose my house anyway.
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Last edited by troubleincv; 08-31-2007, 02:11 PM. -
What State do you live in Trouble?? And do you have only 1 mortgage or is there a 2nd involved??
Foreclosure Laws vary by State.
Some States don't allow for the Lender to pursue a deficiency balance when the mortgage is the 1st. But if you have a 2nd, that Lender could come after you for a deficiency balance.
Some States,.......... Doesn't matter if you have a 2nd or not. The Lender can pursue a deficiency balance.Filed Ch 7 - 09/06
Discharged - 12/2006
Officially Declared No Asset - 03/2007
Closed - 04/2007
I am not an attorney. My comments are based on personal experience and research. Always consult an attorney in your area to address concerns related to your particular situation.
Another good thing about being poor is that when you are seventy your children will not have declared you legally insane in order to gain control of your estate. - Woody Allen... -
I live in CaliforniaComment
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Can you continue this further? So are you saying if he/she forecloses, and there's a second they can come after he/she for the balance?Originally posted by SinkingFast View PostComment
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