Re: IS FORECLOSURE SAME AS BANK CORRUPCY???
Posted by NJDave on August 24, 2007 at 06:43:08:
In Reply to: IS FORECLOSURE SAME AS BANK CORRUPCY??? posted by MATHEWS on August 23, 2007 at 20:39:20:
Foreclosure is the process used by a lender once you stop making the required mortgage payments. The lender forecloses, and proceeds to take the house you gave as collateral for a loan. The process differs from state to state.
Bankruptcy is court ordered control of your finances and assets to determine which of your debts are repayable, which debts are dischargable, and how to assure maximum repayment to the creditors.
Many people whose mortgages are foreclosed upon seek bankruptcy relief, which may enable them to keep their home via a court ordered repayment plan, or to simply walk away.
Your question indicates you need some sound, professional advice... not just message board suggestions.
Make an appointment and speak withg a HUD approved credit counselor which should help point you in the right direction.