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Posted by steve on August 26, 2003 at 12:08:05:
I'm interested in anyone's advice on bankruptcy and foreclosure. From my research thus far, it seems that the lender doesn't really want my home any more than I want them to take it. I'm currently in foreclosure, with sale imminent. I've made a written offer to my lender to roll in the delinquency and continue accepting normal payments. I've read that the "loan mitigation authority" of the bank would rather re-structure my loan to roll in the delinquent payments than take possession of the property.
The question is twofold:
1)Does anyone know how to play hardball with the lender, or am I at their mercy? I don't want to file a bankruptcy because of the negative credit ramifications, but would to save my house.
2) Is bankruptcy really that horrible?
Thank you very much for your reply.
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