You can’t afford the payments on your home. Your efforts to get your mortgage modified are going nowhere. You may even have tried to sell the home for less than what you owe, but the short sale fell through. Now you face some grim options. You can let the home fall into foreclosure, or you can try to prevent or at least delay the foreclosure with a bankruptcy filing. Here’s what you need to know to make the right decision.
Foreclosures take a while. The amount of time between your first missed payment and the sheriff arriving to throw you out varies considerably by state, lender, and even market conditions, but foreclosures do not happen overnight. Although a lender can start foreclosure proceedings after a single missed payment, most Read the rest of this entry »
