BANKRUPTCY
Bankruptcy has been marketed by many as a ‘foreclosure solution’ which in some states and situations it can be. If the homeowner has non-mortgage debts whose payments are causing them to fall short of paying their mortgage payments and a personal bankruptcy will eliminate these debts this may be a viable solution.
PRO: Does not require lender approval.
CON: If a homeowner cannot afford their mortgage payment, a bankruptcy will only stall not stop the foreclosure process. Bankruptcy can be costly.
PRO: Does not require lender approval.
CON: If a homeowner cannot afford their mortgage payment, a bankruptcy will only stall not stop the foreclosure process. Bankruptcy can be costly.
