Many have considered and marketed bankruptcy as a 'foreclosure solution,' but htis is only true in some states and situations. If the homeowner has non-mortgage debts that cause a shortfall of paying their mortgage payments and a personal bankruptcy will eliminate these debts, this may be a viable solution.

  • Benefit: Does not require lender approval.
  • Drawback: If a homeowner cannot afford their mortgage payment, a bankruptcy will only stall-not stop-the foreclosure process. Bankruptcy can be costly, is damaging to credit scores, and can only be declared once every seven years.   

This represents only a summary of one of the solutions available to homeowners facing foreclosure. Please call me today for a FREE confidential evaluation of your individual situation, property value, and other possible solutions.